When it comes to giving to charity, women are in the driver's seat.
A recent survey conducted by Bank of America Merrill Lynch found that women are more generous than men when it comes to charitable giving, especially with respect to decisions about volunteer activities and smaller financial donations.
Large financial donations are often made jointly.
Reuters asked Lorna Sabbia, managing director and head of retirement and personal wealth solutions at Merrill Lynch, for insights into giving and issues surrounding philanthropy among families and women.
Q: How much are women really driving giving decisions compared with men?
A: Many men and women are both highly altruistic. However, our research shows that more women than men contribute financially and volunteer their time to causes.
The difference may be explainable by their motivations. Women are more likely than men to say helping people in need brings them greater happiness than spending money on themselves, and women are more likely to define success by generosity versus wealth.
Q: How much do issues within a family affect giving, such as children concerned about parents giving away their inheritance?
A: The best way for children not to feel slighted is by involving them in the giving process. Not only are you making them personally invested, but also teaching them important life lessons about generosity.
You can involve children and grandchildren in a number of ways, such as a starting a volunteering tradition - the holidays can be a great time to do so - providing a “giving allowance” that is donated to a nonprofit of their choice, or asking them what causes they are passionate about and finding a way to incorporate it into the family’s philanthropic planning.