Millennial women give differently than their older counterparts, according to a new study by Fidelity Charitable, a donoar-advisoed fund.
At the same time, women of all ages treat philanthropy differently than men, the study, Women and Giving, says.
Seventy-five percent of millennial women say they follow their hearts rather than their heads when giving and 55 percent support a wide variety of causes. Boomer women follow their heads more than their hearts and only 33 percent say they give to many different causes.
Millennial woman also work their social networks to encourage others to give, more than boomers do. Fifty-one percent of millennial women encourage others to donate to the same causes, compared to only 30 percent of boomer women.
By the time women are older they have settled on certain charities that fulfill their goals, according to the study, which is based on responses from 3,200 men and women of varying ages. Among boomer women, 72 percent say they are satisfied with their giving habits, compared to 55 percent of millennial women.
Although many studies show millennials are more generous than older philanthropists, 63 percent of millennial women in this study say they are torn between a desire to make a charitable donation and the need to hold on to money for personal needs. Only 41 percent of boomer women have that problem.
When women of all ages are compared to male philanthropists, Fidelity Charitable found that women are more likely to give spontaneously rather than through a plan (51 percent) than men (40 percent).
More men (52 percent) are confident about the tax strategies to use in giving than women (40 percent).
“Giving is a tremendous source of fulfillment for everyone as you discover how to best put your time, talent and treasure to work to make a difference,” says Pamela Norley, president of Fidelity Charitable. “It’s also a reminder of how much we can learn from each other that can help us grow our impact.”