Women are either solely responsible or equal partners in decision on charitable giving
in 90 percent of high-net-worth households, according to a new survey from Bank of America Merrill Lynch and The Center on Philanthropy at Indiana University.
The study found that women generally want to become far more engaged in philanthropy than men, and spend more time on due diligence when making charitable decisions.
In addition, women
expect a deeper level of communication with charitable organizations they support, including details about the impact their gifts will have. Women are also more likely to become actively involved in charitable organizations, the study said.
Almost half of the women surveyed (49 percent) who do not feel involved or are being solicited too frequently or aggressively by a charitable organization decide to cease donating, while men tend to be more faithful to the same organizations, according to the study.
Seventy-eight percent of women have an annual giving strategy and/or budget, compared with 72 percent of men.
Meanwhile, 44 percent of high-net-worth women
said they want to set a good example for the next generation, compared to only 25 percent of men. More than three-quarters (78 percent) of women want to give back to the community, compared to 63 percent of men, the study found.
“This study helps to quantify the philanthropic clout that women have and demonstrates to nonprofit leaders and fundraisers the value and impact of engaging women, especially high-net-worth
women, in the organization’s mission,” said Claire Costello, national foundation executive at Bank of America Merrill Lynch.