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Community State Bank, Union Grove, WI

Entry Year: 2017
Entry Category: Financial Education
Asset Size: Small
Program Name: MYLIFE (My Local Interactive Financial Education)

Program Summary:

MyLIFE (My Local Interactive Financial Education) was developed by Community State Bank (CSB) as a comprehensive interactive financial literacy program for high school students. It provides a unique learning experience for the students, and an opportunity to promote a partnership between the local business community and local schools.

Earlier in the school year, each participating MyLIFE student has the opportunity to choose a career path that determines his or her starting salary for the event. Students are then randomly assigned a “life” – single, married or divorced, kids or not, a credit score, level of education, and student debt – all potential real-life situations. Once their “life” is assigned, students are directed to the gym, where high school staff, local business leaders, community volunteers and the scholarship recipients help guide them through essential life decisions.

The participating MyLIFE students are required to manage a complete monthly budget including: housing, insurance (health, life, auto, homeowner’s), groceries, transportation, gas and repairs for their cars, even health emergencies and other unexpected expenses.

Since the program was launched in 2013 over 4000 students and 6 local schools (Lake Geneva Badger High School, Shoreland Lutheran High School, Shepherds College, Union Grove High School, Waterford Union High School and Westosha Central High School) have been able to experience the program. CSB has also awarded a total of 44 educational scholarships to local high school students for their dedication to the program and financial literacy.

The MyLIFE program is a two-time recipient of the Wisconsin Governor’s Award for Financial Literacy (2013, 2015). Because of the program’s success and popularity, CSB has developed a middle school version of MyLIFE, known as “MyLIFE Essentials”.