I grew up in a household where my father made all decisions about money (also a career banker) because he earned it. My mom never worked; I observed the dynamics of their relationship and learned a lot from it. My mom was never educated about the family finances and had a tendency to overspend. This created a lot of stress in their relationship and in our house. I watched her ask permission to buy things which bothered me, as an independent person. What I took away from this (right or wrong) is that I always wanted to have my own income source and actively participate in financial decisions that affected me, so that I didn’t have to ask permission for things I wanted or needed in my life. I also had empathy for my mom, who didn’t know anything about finances, and was never taught about it in her childhood.

Having spent over 30 years of my career in Private Banking and working with wealthy individuals and their families, I have seen many women in these households be extremely out of the loop of their family’s finances as a family. This resonates with me as a result of my adolescent experiences. It has led to my belief that women should take an active role in finances that impact their lives and should take control of their own situations. This empowers women to make better choices, have independence, and be meaningful role models for the younger generation - which impacts the broader community. Financial literacy, especially for women, has become my passion as a result of my experiences. 

To feed my passion, a few years ago I began to seek out a local nonprofit that worked with underprivileged women. I found Live and Learn, a 501c3 nonprofit in Phoenix, AZ and liked their program because it required accountability. Their clients have to take several financial education classes throughout the year and keep budgets. We agreed that I could offer a series of financial webinars including “Creating a Healthy Relationship with Money”, “Budgeting 101”, and a “Car Buying Workshop”. For the last 2 years, I’ve had the monthly privilege of working with and educating hundreds of women on these subjects. I have found it so rewarding!

Financial stress, as a result of not understanding, is one of the leading causes of anxiety. Helping women gain confidence and peace of mind in their financial knowledge is my goal. I hope to normalize wealth-building for women through basic financial skills that can be applied to real-life choices and situations. I also want to make financial education accessible, relatable, and non-intimidating by creating an open environment for discussion and questions.

Some key takeaways I typically share with these clients:

• No matter how much money people have, they can still have financial stress (it’s all about knowing your income/expenses and staying within those boundaries).
• Work to reduce debt as much as possible, even if it means living frugally.
• Plan for the future – save, invest as much as you can.
• Try to cut overspending on things like subscriptions, coffee, online shopping, etc.
• 33% of Americans spend more on coffee than they do on savings!

Background:

Kathy Wills brings over three decades of sales, marketing, management, and financial advisory experience to the banking industry. Kathy is a producing manager with her own portfolio of Private Banking clients serving in business development and also as an advisor to high net worth clients structuring complex credits and asset management strategies, and is a member of the bank’s Wealth Management Board. Kathy has been with MidFirst Bank for over 17 years and was previously with Compass Bank and Bank One (now JP Morgan) for the 15 years prior in Commercial Real Estate and Private Banking. She holds a Bachelor of Arts degree from the University of Arizona and an MBA from the University of Phoenix. She is actively involved - serving on various non-profit boards and volunteering in her community. She has been a member of AZ Business Leadership for over 20 years and is a past President.

Written By: Kathy Wills, AZ Managing Director – Private Banking, MidFirst Bank