The modern definition and practice of philanthropy are adapting to reflect new realities about the nature and function of charity giving. This revamped approach emphasizes women and, in many instances, “social change philanthropy.” As more and more women take leadership roles in the nonprofit sector, charitable donations are being directed at alleviating inequalities in society’s social, economic, and natural environments.
In a nutshell, modern women are working to improve society by using their increasing financial and political power for social good.
According to Forbes, Jennifer Alcorn, deputy director of philanthropic partnerships for the Bill & Melinda Gates Foundation, said that “women were increasing their giving and broadening beyond what they might normally support” before the epidemic began. Women are a major reason why philanthropy is on the rise in areas like science funding, local food banks, helping struggling families throughout the nation, and global health.
Women now can make their own choices about employment, time, and finances. Wells Fargo published a survey in 2021 that found that a record-breaking 52 percent of American women were single and never married. A century ago, just 7% of women were unmarried. Women today are making more money than ever before, and many of them are choosing to delay starting families or not have them at all. The demands on women’s time and resources are different now than they were in past generations, but that hasn’t stopped them from increasing their involvement in issues they care about.
According to Trudy Jacobson Women have always played supporting roles in charity, initially as silent influences and then as partners to males. This shift in the philanthropic landscape, with more and more women taking on leadership roles, has implications for how charities reach out to potential contributors.
- Increasing Giving by Women in Your Organization
When it comes to planned giving, specifically, organizations should rethink their long-standing methods of communicating with contributors and instead target women.
Since women now have greater financial independence than previous generations and outlive males on average, they will be able to leave significant legacies via both current philanthropy and estates. In fact, a McKinsey report from 2020 revealed that the percentage of homes with women making financial decisions increased by 30% in the preceding five years alone.
We tend to think of philanthropists as older, white guys, but that’s starting to change. Debra Mesch, a former director of the Women’s Philanthropy Institute at Indiana University, claims that the participation of women in philanthropy has increased dramatically in recent years.
The vast majority of philanthropic givers want to give to organizations whose goals they share. And women philanthropists tend to have a crystal-clear idea of the topics they want to support. To be competitive for these large charitable contributions, your organization has to show that it is fiscally responsible, organizationally solid, and able to provide services that are helpful to the public.
In addition, unlike in the past, modern women have more opportunities to leave a lasting legacy via their estates. There is a $30 trillion window of opportunity when American women take control of an unprecedented amount of wealth by 2030. Your nonprofit organization’s future growth strategy should center on this sort of seismic wealth transfer.
Due to their increased financial stability, women now have more sway than ever in the direction taken by humanitarian groups. The tide has turned. The world is changing, and it’s time for charity leaders to adopt a strategy that puts women front and center.
Seeking the backing of wealthy benefactors with lofty goals? If you’re interested in learning more about how you can rise out better read this blog with any hesitation.
