An Abstract from “Insights from the 2018 Study of High Net Worth Philanthropy1”
Women are shifting the balance of values in communities, businesses, markets and philanthropy, their impact amplified by accelerating economic power and leadership visibility.
By Phil Tobin, Chairman/President – iGiftFund
As business owners and executives, philanthropists, investors, community and civic leaders, women are making the world better – for themselves, their families and communities – now and for future generations.
Of the many ways women are making a positive impact, they consider charitable giving as offering the potential to make the greatest impact.
- 93% give to charity
- 56% volunteer for charitable causes and organizations
- Nearly one in four who volunteer serves on the board of a nonprofit organization
Not only are women more likely than men to give to charity and volunteer, their high level of engagement with the organizations and causes they support is one reason women also report a higher level of personal satisfaction and fulfillment from charitable giving.
Women have always played a leading role in philanthropy — dedicating their time, talent and resources to helping others and building stronger communities.
Today, senior women in all sectors of society are in a position to drive the agenda in businesses, government, the markets and nonprofit organizations. Their impact will continue to rise as more women are financially empowered and their presence as leaders continues to grow.
- Seven in ten women say they are making a more positive impact in the world as their
wealth has grown. - As investors, eight in ten women expect companies today to make a profit but also to
take responsibility for the impact they have on society and the environment. - In business, half of women executives personally own, lead or work for a company
that integrates positive social, environmental and/or governance principles into products, services and/or corporate policies. - Six in ten women prioritize causes that have personally affected them or their families.
- One in four women donors supports organizations that have a specific program or mission focused on the needs of women and girls. Their top reason for doing so, they say, is because they believe that “supporting the needs of women and girls is the most efficient way to solve other social problems.”
In short, women recognize that when the lives of women are improved, the benefits ripple out to families, communities, the nation and even the world.
Philanthropic values and traditions begin at home. In high net worth households, especially, these are the values that define the character of a family and its individual members and become the lasting legacy that passes from one generation to the next.
Seven in ten women say they lead or make joint philanthropic decisions with a spouse or partner. While most couples share similar interests in causes and give in similar ways, one-third of women say they support different issues and/or give in different ways than their spouse or partner.
And yet, while women today are at the forefront of philanthropic giving and engagement:
- only half say they have a charitable giving strategy
- less than half (42%) say that their giving is having the impact they intend.
The Opportunity – As trusted financial advisor, you are uniquely positioned to help your clients create, protect and grow their charitable legacy wealth. Donor advised funds offer you a simple, tax-smart and meaningful tool that adds value to your client relationship and earns the loyalty of the next generation. In addition, you can manage your clients’ charitable investments on your familiar platform, at all fund size levels and in open architecture.
1 The 2018 U.S. Trust® Study of High Net Worth Philanthropy. Conducted in partnership with the Indiana University Lilly Family School of Philanthropy, the 2018 study is the seventh in a series, beginning in 2006
Phil Tobin is Chairman and President of iGiftFund.