Women and Philanthropy: How Women Are Giving More

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Published by Taylor Financial Group for women

These days, women control much of the nation’s wealth.  According to WealthManagement.com, women already own more than half of the investable assets in the United States, and they control $11 trillion of assets.  Moreover, women are expected to inherit 70% of the $41 trillion in intergenerational wealth transfer over the next 35 years.  In short, women are (and will be) more and more in the driver’s seat when it comes to finances.

But, what are many women doing with their money that men are not?  They are giving it to charity.  WealthManagement.com reports that women who are 53 or older are giving 89% more to charity than men their age.  Additionally, women in the top 25% of permanent income give 156% more than men in that same category.  Big differences!

Clearly, women are getting a sense of satisfaction and joy from giving back.  In fact, most women claim that being able to give to charity and create community is one of the most satisfying aspects of having wealth.  This comes as no surprise to us!  We have always noticed that our female clients’ financial decisions are motivated by their hearts just as much as their heads.  We think this is great for philanthropy.

As women continue to attain more opportunities in higher education, careers, leadership, and wealth, their ability to become more involved in philanthropic efforts will grow too.  But with this growing desire to be charitable, it has never been more important for women to understand all that goes along with charitable giving, including financial, tax and legal considerations.  The approach must be strategic.

If you are considering charitable contributions, let us help you create a plan.  Call us today to get started!

 

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