By Elizabeth Maher Muoio
Would you panic if an unexpected expense came up?
How would you financially handle a sudden change in employment?
What financial steps are you taking now to help meet your future goals?
Just over four years ago, when “normal” life as we knew it was upended by an unprecedented global health and economic crisis, people were forced to ask themselves tough questions about their finances. Many lost their jobs or faced financial insecurity for the first time. Others reevaluated their choice of career, or questioned whether they were ready to retire. Collectively, we braced ourselves for the unknown.
It was during these early tense days of the pandemic that inspired the creation of NJ FinLit, a free financial wellness platform available to all New Jersey residents. People across the Garden State were asking themselves difficult financial questions. We wanted to give them a place to find the answers.
Launched by the NJ Department of the Treasury in 2022, NJ FinLit offers free personalized financial education resources aimed to help our citizens better prepare for and meet present and future financial challenges at all stages of life.
For many of us, thinking about finances can be daunting. NJ FinLit is a user-friendly resource designed to help be an effective starting point in reaching financial goals – both big and small — such as creating a budget, planning for retirement, and becoming more informed about our financial story.
Users can access personalized action plans on topics such as budgeting, mortgages, health care, college savings, student loan repayment, banking, credit, financial planning, and long-term care. Other tools include retirement and home affordability analyzers; a suite of student loan and higher education resources; and personal finance calculators and a real-time budget tool.
And NJ FinLit is more than just an educational resource. It also offers tools to search for jobs, find quality scholarships for higher education, and have a resume reviewed by a trusted expert. Users can assess their risk level for fraud or identity theft, or determine if their debt level is healthy or needs improvement. They can balance their checkbooks, compare their salaries to the average in their field, and calculate student loan affordability.
In 2019, Governor Murphy and the Legislature recognized the growing need for financial literacy and passed legislation requiring it to become part of the curriculum in New Jersey schools, positioning our students for a more resilient financial future. For adults who were never given formal instruction on personal finance, NJ FinLit’s easy-to-use resources were designed to fill these knowledge gaps and help ensure that all New Jerseyans have a chance to begin reaching their goals.
In 2020, we saw how quickly circumstances can change; how preparedness can guide us through hard times; and how prioritizing the things that matter to us is of the utmost importance. In a post-pandemic world, financial literacy has never been more important. Financial security remains a challenge and source of stress for many adults globally.
But it’s never too late to strengthen your financial resiliency, from bettering your current financial position to preparing for the next rainy day. Financial literacy is all about educating ourselves on how we can best prepare for and manage financial goals and challenges. When we embrace it, we take a crucial step toward control of our futures.
April is Financial Literacy Month, and the Department of the Treasury encourages all New Jerseyans to access NJ FinLit and begin their journey toward improved financial wellness. Take a few minutes to browse the site. A stronger financial future could be just a click away.
Elizabeth Maher Muoio is in her sixth year as New Jersey State Treasurer.
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