The traditional perception of what a donor looks like has been changing for some time as women comprise an ever-growing segment of givers. With women amassing greater financial power and seeking ways to share their wealth, it can prove highly beneficial for nonprofits to understand the philanthropic approach of their female patrons and how their wants and needs throughout the giving process may differ from men.
To effectively reach female donors, charitable organizations should consider the following points regarding women and philanthropy and how these general differences may impact an overall approach to donor engagement.
1. Women are increasingly affluent.
Women control a larger share of wealth than they did in previous generations. Within the last 50 years, women’s affluence has increased significantly. Today, women are responsible for a third of the wealth in North America, estimated at $35 trillion. This figure is expected to grow and continues to place more women in a position to significantly impact charitable giving.
Notes on engagement. Keep in mind that women and men with equal wealth may not give in the same way. Men are more likely to make large donations to one or two organizations, while women, in general, tend to spread the wealth among a greater number of charities. It is important not to discount smaller donations from women as representative of lesser wealth, as this may not be the case.
2. Women are more active and engaged in charitable giving.
Women desire to make a difference with their time as well as their financial resources. They are more likely than men to take an active and engaged role in a nonprofit. In fact, women volunteer more than men and cite their personal experience with an organization as their main reason for giving.
Notes on engagement. Nonprofits looking to increase donations from women should also be looking to engage them, whether by recruiting volunteers or simply communicating exactly how a charitable gift will make a meaningful impact on the organization and those it serves. Women who trust an organization’s mission, operation, and results will not only be more likely to donate, but more likely to talk about the organization to other potential donors. For those who don’t volunteer, it may take multiple interactions to reach this level of connection and trust.
3. Women are committed to charitable giving.
Women have a stronger commitment to charitable giving than men. In 2021, 84% of women cited charitable giving as an important part of their lives. While an increasing number of men share the same sentiment, they still lag behind women. Studies have found that for couples, women tend to drive the giving decisions.
Notes on engagement. As women continue to make and influence giving decisions, reaching them in the way they prefer is increasingly important. For example, consider that women, in general, are very likely to educate themselves before spending or giving money, meaning they may be more receptive to having conversations and receiving information related to the organization’s mission and results to date.
4. Women approach charitable giving with empathy.
When it comes to giving, women generally engage with an empathetic, heart-based approach. Nine out of ten women have voiced a desire to make an even greater positive impact with their charitable giving. Men also express altruistic motivations for giving, but they are often more guided by tax incentives and the personal financial impact of their gifts.
Notes on engagement. A one-size-fits-all approach to donor communication is not likely to be fully effective for both men and women. It remains important to educate on the ways to give and the personal and tax benefits of various giving methods. However, addressing why the gift is needed and what it will accomplish is equally important. Women are more likely to respond to a clear picture of how their donation will make the world a better place, no matter if the impact is big or small, broad or extremely local and targeted.
With their desire for change, engagement, and meaningful impact, women are already powerful contributors to charities. Nonprofits hoping to facilitate this partnership should be mindful of the different giving patterns and needs of their female philanthropists. The effort devoted to these relationships has the potential to yield significant results in the form of important connections and valuable charitable gifts.
Read more about women and giving trends:
Women and Giving survey by Fidelity Charitable
https://www.fidelitycharitable.org/content/dam/fc-public/docs/insights/2021-women-and-giving.pdf
The Women Give series (a collection of research and information about women and philanthropy)
https://philanthropy.iupui.edu/institutes/womens-philanthropy-institute/library/index.html
