In the past, the world of philanthropy was largely controlled by men. But now, women are taking center stage. Successful, high-net-worth women are giving to charity in a big way that’s only projected to get bigger.
By 2030, American women are expected to control much of the $30 trillion in financial assets that baby boomers will possess—a potential wealth transfer of such magnitude that it approaches the annual GDP of the United States, according to a McKinsey & Co report July 2020.
Women also play a vital role in motivating family members to get involved in making difference which proliferates their impact.
Therefore, it’s important to understand that there is a real difference in the way men and women (in general) give. According to a survey published by Bank of America Merrill Lynch, single women are more likely to give to charity than single men. Additionally, researchers found that women acting as heads of household not only were more likely to give but give twice as much as male heads of household.
A different study by Fidelity Charitable further distinguishes differences in how men and women give. Women are:
- more empathic, they’re more likely to collaborate and avoid risk, and they relate to social networks in a different way.
- more likely to give than men, but they also give more—and to more sectors—and are more likely to volunteer.
- more connected with the emotional side of philanthropy than men, who tend to seek a more strategic approach.
- more likely to favor advice from experts, while men gravitate to peers and others in their personal sphere.
- more likely to question the finances of giving and less confident about using tax strategies and investment options related to their philanthropy.
Women are changing the world with their unique and potent giving style. Like any donor, they need reliable, informed advice personalized to them. As trusted advisor you are there to help.