Reprinted By Permission - Copyright
Boulder Daily Camera
Making Money Matter
Enid Ablowitz

“Genderational Giving”

Popular books characterize the differences between men and women in terms of planets. Are there “mars” and “venus” versions of philanthropy?

The answer seems to be yes. 

Whether hard-wired gender differences or societal contexts, research indicates that men and women do give differently.

Women throughout the ages have been social advocates; they have established schools, founded hospitals and engaged in volunteer activities, demonstrating their giving spirit through donations of time and talent.  Historically, women’s access to money was paternalistic:  women got money from their fathers or their husbands.  Eventually, some women became property owners and could inherit money that was theirs alone. As women became more financially independent, they also began to give money. Inheritors of great wealth set up private foundations and personally made grants.  Other women clustered in giving circles to pool resources and give to causes of mutual concern.  Still others organized special fundraising events to benefit non-profits of choice.

Women now acquire money from family, through marriage, through estate distributions and increasingly, by earning their own. In fact, 43% of Americans with more than $500,000 in investable wealth are female and women now comprise nearly 40% of the nation’s top wealth holders. As of last year, women controlled more than half of the personal wealth in the US.  A highly touted study of the intergenerational transfer of wealth, combined with actuarial projections, suggests that women will inherit even greater wealth which could have great impact on philanthropic trends.   

Today’s working women have discussions and make decisions about payroll deductions, health care benefits, Flex plans, insurances, retirement plans, and beneficiary designations.  They are taking more control over their financial destinies and as a result, they are becoming better informed consumers, savvy investors, and generous donors.

Not only are women are more sophisticated about wealth creation, they are learning about wealth distribution as well.  As more women enter the professions, own businesses, and are invited to sit on corporate boards, they have become pro-active givers, carving out their own spheres of influence. According to the Center for Women’s Business Research,  one in 11 adult women is an entrepreneur; 10.6 million companies are at least half owned by a woman, and “women business owners are philanthropically active: 68% volunteer at least once a month; 31% contribute $5,000 or more annually to charities and 15% give $10,000 or more.”

Not surprisingly, women are also taking leadership roles in not-for profit organizations. In 1979 there were 5 charitable funds run entirely by women; today there are nearly 100.  These women are changing the face of philanthropy, addressing societal issues in human services, youth, education, the arts, health-care, preservation, and other domains. To be clear, there is amble evidence that women’s personal philanthropy and their leadership extends well beyond traditional “women’s issues” to include everything from international micro-enterprise, to technology solutions that address poverty and unemployment.

Women have always been passionate voices; they are now empowered philanthropists.

A colleague and friend, Kay Sprinkel Grace writes in her book “Reinventing Fundraising” about “The Six C’s of Women’s Giving: Change, Create, Connect, Commit, Collaborate and Celebrate.” She defines these words in the fundraising context.  Here are my philanthropic interpretations:

Change:            Women’s motivation for giving is to alter the status quo.

Create:             Women have the entrepreneurial drive to design and implement something new.

Connect:           Women want direct, meaningful involvement with a group that has a common mission.

Commit:           Women are willing to pledge their time, their talent and their resources for their passion.

Collaborate:      Women enjoy working together for a shared outcome.

Celebrate:          Philanthropy elevates us all and celebrates the human spirit.

And I have some “e’s” to add:  

Women give with Empathy, Energy, and Enthusiasm;

Women Examine and Engage, (sometimes to the point of Exhaustion).

Women are Expressive advocates, Effective in their philanthropy; Experienced, and even Enlightened.

And women are Emerging.

There is a new understanding that women have money and give money, and both those trends will increase.  Women’s philanthropy will come from many sources:  mature women will engage in estate planning and create legacy gifts; boomer women will reflect their values and their empowerment by making current and deferred gifts larger than they ever thought they could or would; career women will look towards philanthropic investments with social returns, and there will always be faith based giving, volunteerism, and social action. 

Are giving patterns genderational? Probably, but it doesn’t matter, as long as we’re all giving!