High-net-worth women tend to give larger donations to causes that benefit women and girls in order to generate societal change, according to a new study.
The study by the Women’s Philanthropy Institute interviewed 23 high-net-worth women who contributed $1 million dollars or more to causes that benefited the lives of woman and girls. Twenty-one of the 23 women were considered high-net-worth, while almost half were considered ultra-high-net-worth.
The philanthropic traits and patterns of the women were based on their personal experiences early on in their philanthropic journey. Small donations increased over time as the women became more successful, more educated and more aware of how their donations could make an impact, the study found.
“We looked at the data, and [it] said that women will invest 90 percent of their income back into their communities,” one participant said. “So, it’s not that we only care about women and girls. We’re just seeing that women and girls are agents that will lift up their entire family and their entire community.”
Survey participants said that every step in their philanthropic journey was a learning experience to build upon for the next step to be better. Few women in the survey said that their financial advisor provided educational advisement on philanthropic investments. Some of the women in the study who came into wealth through career success or inheritance were able to start their own foundations and charities.
One participant said, “We had grants that failed, you know. Like, it’s these silly things, but you learn and go forward.”
Early experiences in the women’s family lives were a significant influence on their continuous support for philanthropic contributions. Study participants said they were raised to “give what they could.”
“Women,” the report said, “are more likely to give to women’s and girls’ causes and give larger amounts to these causes, and are more likely to report giving to domestic violence organizations, women’s centers, LGBT rights, cancer care and research, and economic opportunities for women and girls.”
National surveys do not concentrate on women’s and girls’ causes specifically; rather, these causes are lumped into charitable sections such as human services, health and education, the report said.
According to the Foundation Center and Women’s Funding Network, only 5 to 7 percent of all foundation funding is for causes to help women and girls. The study also found that monies generated for such causes were more likely to come from specific grants and foundations particularly specified for women’s and girls’ causes.