Women are making waves when it comes to philanthropy. It has been very humbling to experience this first hand as our team has developed a niche serving single women.
It may seem stereotypical, but women tend to be givers – to their families and to their communities – and the research confirms this. But the ways women give have changed over the decades. Women now control 51% of personal wealth in the United States, and that rise in wealth has led to a surge in effective female philanthropy. Women are changing the philanthropy game.
Women have philanthropic power
Women are expected to control $22 trillion of personal wealth in the United States by the end of 2020. And with women outliving men by an average of six years, it’s likely they’ll be making major decisions around the transfer of wealth and gifts to charity. Women are increasingly becoming a powerful financial force, and more and more are using their money as a way to make positive changes in society.
Women see giving as something to do right now
Women’s fund and foundation donors don’t wait until retirement to start giving: only 36% are retired compared with 55% of general donors. Women’s fund and foundation donors also are more likely to have a budget for giving, have a charitable provision in their wills and to give appreciated stocks.
Women give for different reasons
Female givers are inspired to give because they believe their dollars can make a difference. Only 11% say they give for tax reasons compared with 23% of general donors.
Women do more than give money
In addition to giving monetarily, these female givers like to serve in ways that maximize their giving efforts – for example, by joining a nonprofit board of directors or talking to other donors. Women are engaged with organizations, leading in the local community, and owning the responsibility to effect positive change.
By the numbers
- 86% of households’ consumer purchasing decisions are made by women.
43% of the nation’s top wealth holders are women.
The future of female philanthropy
As women continue to control more and more wealth, it is changing the way giving looks. Giving will be more integrated with investing instead of a separate conversation moving forward.
Next steps
Do you want to learn more about how The Price Group can help integrate your giving into your overall financial plan? Give us a call!
About the Author
Matt Price serves as a Partner and Senior Vice President for The Price Group of Steward Partners. He resides in Houston with his wife, Emily, their two daughters and the family golden retriever. Matt studied at the University of Pennsylvania – Wharton School of Business for his Certified Investment Management Analyst (CIMA®) designation after receiving his undergraduate degree from the University of Tennessee - Knoxville. Over the past 10 years, Matt has helped families make high quality, common sense decisions regarding their wealth and their legacy. Matt firmly believes that everyone needs a wealth coach!
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Sources: “All in for Women and Girls,” IUPUI Women’s Philanthropy Institute; “How Women’s Fund and Foundation Donors are Leading Through Philanthropy,” IUPUI Women’s Philanthropy Institute