Traditionally, more woman than men have placed a priority on philanthropy, but men have recently begun to close the gap as both genders boosted their giving in recent months, Fidelity Charitable said.

Before the pandemic, three-quarters of women said that charitable giving was an important part of their lives, compared to 69% of men. “But the events of 2020 inspired a renewed sense of generosity, with the number of women who said giving is important rising 9 points to 84 percent,” Fidelity said.                

Even through women still lead men, “the greater increase in interest occurred among men, with 81% saying charitable giving was important to them in 2021, a sharp 12-point increase,” Fidelity said in its Women and Giving study released Wednesday. “Forty-three percent of men said they gave notably more to charity in 2020 than they had the previous year, compared to 34% of women.”

“Women will continue to lead charitable giving decisions in many households, but the innate desire to make a difference in the world is more apparent than ever in all donors,” Pamela Norley, president of Fidelity Charitable, said in a statement.

“While it is too early to understand the full impact that the crisis could have on the way women engage in philanthropy in the long-term, the data shows that women are more committed than ever to their efforts to improve the world,” Fidelity said in the report.

The study revealed gender differences in giving, including the fact that women volunteer more than men, and prioritized hunger, health, shelter and affordable housing more than their male counterparts. However, “women are less likely to use tax-efficient charitable strategies or to discuss giving with a financial advisor,” the report said.

Two-thirds of women reported volunteering recently compared to 56% last year. More women also made non-financial gifts, bought from socially responsible businesses or donated through social media or online giving platforms, according to the report.

However, women were less likely to use financial strategies that could enable greater impact, Fidelity said. For example, only 17% of women made an impact investment, which is making purposeful investments that generate financial returns while also helping to achieve social or environmental benefits, compared to one quarter of men.

Similarly, among women who owned stocks or bonds, 35% were unaware that these assets could be donated directly to charity, which is a way to potentially minimizes the donor’s tax burden and enable them to make larger donations, the report noted.

“This knowledge gap is a prime opportunity for financial advisors to engage with women clients on a topic that is important to them,” Fidelity said. “However, only 14% of women have spoken with a financial advisor about charitable planning strategies, compared to 20% of men.”

The study showed millennials of both genders were more likely than the average donor population to have engaged in newer forms of giving back, including such activities as supporting socially responsible businesses and donating through social media.

The study was conducted in two phases. The first was conducted in March 2020 and included 3,055 adults in the United States, who gave at least $1,000 to charity in 2019. The second was taken in January 2021 and included 830 individuals in the United States, who donated at least $1,000 to charity in 2020.