University of Wisconsin - Extension

MADISON, Wis. — Many families and individuals are a single paycheck away from a life change or illness that could threaten their financial stability. With increased personal debt and rising foreclosures, families need help managing their cash and credit. Financial education can help people obtain the lifelong skills to make good decisions about spending, saving, investing, credit use and other financial choices. The University of Wisconsin-Extension is working throughout Wisconsin to increase financial literacy for residents of all ages.

Karen Goebel, a UW-Madison/Extension professor of Family and Consumer Economics, has contributed to the financial wellbeing of countless Wisconsin residents. Goebel’s career highlights the unique UW-Extension approach, responding to local needs by blending university research with local resources. As she prepares to retire this summer, colleagues reflect on her contributions.

Goebel’s work illustrates what makes UW-Extension such a powerhouse of information, with a reputation for supporting community-level programs and local partnerships. Since joining UW-Extension in 1978, she has become a familiar resource across the state, well known for her presentations on financial planning and management.

Goebel has long been recognized as an expert in estate planning. Her high-energy teaching style reveals her passion for her subject matter. Her expertise encompasses family financial security, long-term care decision-making, marital property, advance directives and power of attorney for health care, consumer protection, ID theft, financial elder abuse, retirement, and farm finances. Goebel enlists outside resource people with legal and other expertise and partners with agencies such as DATCP and county departments of aging to utilize local resources. She makes time for special events and teaches each year at Farm Technology Days. Her work in the UW-Madison School of Human Ecology exposes students to contemporary issues in consumer science.

Although her expertise and dedication make her typical of UW-Extension educators, she has a creative style all her own and limitless energy for keeping her information up-to-date and thorough.

“Karen has taught in every county in Wisconsin,” says Michael Gutter, UW-Madison/Extension family financial management specialist. “She has mentored many county colleagues and state specialists. The legacy she leaves in many ways is summarized by the results we get when we evaluate the impacts of our programming.”

The Clark County America Savers program demonstrates these impacts well. Gayle Rose Martinez, Clark County family living educator says, “To become an America Saver you fill out a commitment form stating your specific saving goal. In April of 2007, there were 118 savers committed to saving a total of $100,710.20. People have asked, ‘Do people really follow through with their commitment to save?’” As it turns out, sixty percent of the savers responded to a one-year follow up survey—54 percent said they were successful and 22 percent said they were partially successful in saving toward their goal.

In another Clark County example, 80 people participated in money management classes. Of those who responded to a 3-month follow up survey, 77 percent were more aware of their spending; 62 percent had lowered their monthly expenses; 56 percent increased their monthly savings; 38 percent were setting goals and tracking expenses; 37 percent increased their monthly income; and 25 percent increased their monthly debt repayment. These results are representative of UW-Extension financial education throughout Wisconsin.

Goebel and her colleagues also work at training volunteer financial counselors and supporting bankruptcy counseling and tax assistance. They provide research-based curriculums to local educators and partners and help consumers gain access to financial institutions and products through the Get Checking program. They also partner with the National Endowment for Financial Education (NEFE) to teach basic money management and financial planning concepts to high school students. Over the past four years, 24,526 Wisconsin students have participated in the NEFE High School Financial Planning Program. UW-Extension data show that graduates of the program learned more about managing their money, better understood how credit cards work, and improved their ability to track expenses and accumulate savings.

“I have had Karen out here more than any other specialist to do updates on estate planning, power of attorney for health care, and financial planning,” says Peggy Olive, Richland County family living educator. “She makes a regular circuit in our district and helps keep our communities updated. People absolutely love her; she will always go over the time allotted because she has so much to share and people stay afterward to talk with her. Karen has such a wealth of information and is willing to get out there to talk with people.”

“Karen has been a pioneer in helping people's dreams come true and nightmares end when it came to personal finances,” says Gutter. “Helping families manage their current resources and needs is the first and most important step in helping families improve their well-being.”

Goebel has coauthored a number of publications on advance directives for health care, family estate planning, record keeping, managing between jobs, and the legal and financial implications of marriage and remarriage in Wisconsin. The publications are available from UW Cooperative Extension Publications at http://learningstore.uwex.edu/ or call 877-947-7827 (WIS-PUBS). For more information about family financial management, contact your county UW-Extension office.

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http://www.uwex.edu/ces/news

File: Consumer issues, Family financial management