In celebration of Global Money Week, we spoke with 4 women in banking to learn their recommendations for financial literacy for young women and girls. Next up, we introduce you to Elizabeth Anderson, senior vice president at Farmers Bank and Trust. Read on to see our Q&A with Elizabeth.
What inspired you to pursue a career in banking?
I am a fifth-generation banker with a long lineage of successful male bankers. I always admired my father’s success and his ability to work with anyone. This week you might be working with a local small business and next week a large manufacturing company. Every day is different, and I love the daily challenges it provides.
What advice would you give to young girls and women who are considering entering the financial industry?
Start in banking when you are young and learn the basics of entry-level positions. I have leaned on my experience as a bank teller many times in my career.
As a successful female banker, what financial habits or strategies have you found most beneficial for building wealth and financial security?
- Outside of your home mortgage, avoid debt of any kind.
- Live within your means.
- Drive a car you can afford and instead of making an exorbitant car payment, invest the funds and when you reach your goal, purchase a car with cash.
- Keep credit card limits to what you can afford to pay off each month. This will keep you from spending more than you make.
In your experience, what are the most important steps women can take to establish financial independence and achieve their long-term financial goals?
Start investing at an early age. Many women wait to invest when they have “extra funds”, but the impact of early investing will create sustainable wealth when you are older.
How can women overcome barriers they may face in the banking industry, and what advice do you have for navigating and advancing in a male-dominated field?
- Speak up when you are invited into a discussion or meeting.
- Don’t be afraid to ask simple questions. If you don’t understand there is a good chance someone else doesn’t either.
- Dress for the job you want, not the job you have.
Elizabeth Anderson serves as Senior Vice President at Farmers Bank & Trust and as Executive Director of the Farmers Bank Foundation. The Women’s Foundation of Arkansas and Little Rock Soirée Magazine recognized Anderson among the Top 100 Women of Impact in Arkansas in 2023, honoring her dedication to her community and the many organizations she supports.