Survey Finds Women Hold the Charitable Reins

According to a survey conducted by Bank of America and The Center on Philanthropy at Indiana University, women are either the sole decision maker or equal participants in charitable giving decisions in nearly 90% of high-net-worth households. Forty-nine percent of the women surveyed decide to not donate when they feel they are being solicited too frequently or when they are asked for “inappropriate sums.” In contrast, only 41% of men chose not to donate in the same circumstances. Additional findings of the survey are below:

• 78% of women, compared to 72% of men, have an annual giving strategy and/or budget.
• 82% of women, compared to 32% of men, want a personal experience with a nonprofit.
• 46% of women, versus 32% of men, want their charity to communicate its impact.
• 80% of women, compared to 68% of men, want to request how their gift will be allocated.
• 91% of high-net-worth women, versus 83% men, want to receive a receipt for tax purposes.
• 44% of high-net-worth women want to set a good example for the next generation, compared to only 25% of men.
• 81% of women want their gifts to be used efficiently, compared to 69% of men.
• 78% of women want to give back to the community, compared to 63% of men.
• 50% of women are confident in nonprofit institutions, compared to 34% of men.
• 87% of HNW women have volunteered, compared to 78% of HNW men. Among retirees, these figures become 85% of women and 72% of men.

Lee Barney, Women Control Philanthropic Decisions in Wealthy Households: BoA Survey, Financial Planning, Dec. 12, 2011.

Special thanks to Jim Hillhouse (WealthCounsel) for bringing this article to my attention.