MyLIFE Celebrates 11 Years

Community State Bank’s MyLIFE Program Celebrates 11 Years of Teaching Financial Literacy in Area High Schools

Community State Bank (CSB) is thrilled to kick-off the 11th year of its financial literacy program, MyLIFE. Back in 2013, CSB recognized an opportunity to collaborate with local business leaders and educators, to teach high school students the importance of making smart financial decisions. Today, with a reach extending to six local schools and impacting over 9,000 students, MyLIFE stands as an award winning learning experience that is positively influencing the lives of high school students across Southeast Wisconsin. 

“MyLIFE isn’t just about teaching financial skills; it’s about equipping our youth with the tools they need to navigate adulthood confidently, all while having the support and guidance of community leaders who know and understand the industry,” said CSB Senior Vice President and MyLIFE Committee Member, Neil Buchanan. 

MyLIFE was developed to change the way students look at money by placing them in real-life situations, such as buying a home, paying for utilities, saving for retirement, and more. During the school year, students have the opportunity to choose a career path that determines their starting salary for the event. They also have the opportunity to choose their marital status, number of dependents, pets, and a preferred retirement age. Finally, the students are assigned a complete “life” – which includes their credit score, level of education, and student debt – all potential real-life situations. 

In 2020, CSB elevated the program by introducing a banking app to facilitate the budgeting component. Teaming up with BrownBoots Interactive, CSB developed the MyLIFE Transaction Register App. 

“We recognize that as the financial industry evolves, so must MyLIFE. As a bank we strive to provide our customers with innovative banking technology, and we believe it’s important to provide that same opportunity to high school students as they experience this program,” said Buchanan. 

Since MyLIFE was created, the program has been recognized statewide with two Wisconsin Governor’s Financial Literacy Awards. Six local schools have participated in the program and several have adopted the program into their annual curriculum. Those schools include: Shoreland Lutheran High School, Shepherds College, Union Grove High School, Waterford Union High School, Lake Geneva Badger High School, and Westosha Central High School. 

“Financial Literacy is extremely important and we are very passionate about helping students learn the skills they need to be financially secure in their futures,” said Westosha Central High School, Business and Marketing Department Chair, Julie Eckhart. “The MyLIFE Simulation is a graduation requirement at Westosha Central High School.” 

Under Act 60, Wisconsin schools will now incorporate Personal Financial Literacy as a mandatory subject. According to the Wisconsin Department of Public Instruction, starting with the Class of 2028, all students must graduate with a half-credit in personal financial literacy.

“We recognize that Act 60 is an opportunity for us to really be a valuable resource and guide for schools,” said Buchanan. “MyLIFE provides a perfect avenue to help support educators in meeting this financial literacy requirement.” 

CSB recently concluded the 2024 MyLIFE program at Westosha Central High School and Shoreland Lutheran High School. CSB anticipates upcoming events at Waterford Union High School on May 21st and Union Grove High School on May 23rd. Community volunteers are still needed for these events. Interested community members are encouraged to contact Neil Buchanan at nbuchanan@csb.bank. All volunteers undergo a thorough background check, ensuring a safe experience for students.