When it comes to charitable giving, women often support causes they are truly inspired by. Because women, on average, are acquiring greater levels of personal wealth than ever before, starting businesses—and becoming financial decision-makers as a result—the number of women seeking financial and philanthropic guidance is also on the rise.
- Women are motivated to perform charitable giving because of family legacy. Almost one-quarter of female business owners claim their philanthropic interest originated from family tradition, compared with only 14-percent of male entrepreneurs.
- Women are more likely to have leadership positions within charitable organizations.
- A check is not enough. Women want to make a true difference by implementing change and developing strategies within the organizations they believe in.
- Women philanthropists also recognize a need for mentorship, whether for younger women or aspiring business owners.
- Women are often attracted to nontraditional charities, such as financial training for girls or possibly funding scholarships for less fortunate women.
Based on a recent study of women philanthropists, the most common goals associated with this group include:
- Creation: Philanthropic women often see themselves as entrepreneurs, looking to create new solutions for old problems through greater creativity.
- Change: Women philanthropists want to implement change. They are not willing to settle for anything less than identifiable results within the charitable organizations they help lead.
- Connection: Women tend to first connect with a cause spiritually and then follow with a financial commitment. Approximately 86 percent of women donate to an organization because of an emotional involvement.
- Collaboration: The most rewarding philanthropic experiences for women tend to be collaborative, whether it means working with other philanthropists or joining efforts with additional charitable organizations.
- Commitment: In addition to financial contributions, women also give their time. They tend to contribute to fewer charities than men, but they are more focused in their efforts and commitment to that select few.
- Celebration: Women want to recognize and celebrate their accomplishments and commemorate achievements within such organizations.
Deciding on your own charitable intent is a personal process, but working with a financial professional can certainly help to streamline your long-term goals. It may be helpful to consider what values are the most important to you, what you are looking to get out of your giving efforts, and the long-term results you are looking to achieve.