New data shows a scant 1.9 percent of all philanthropic dollars goes to causes supporting women and girls—a figure unchanged since 2018.
In 2023, women will control $81 trillion in wealth—40 percent of the global total. This all-time high is set to grow over the coming decades as women stand to inherit as much as 70 percent of intergenerational wealth transfer. As women's economic power grows, hopefully so will the donations to causes supporting women and girls.
Women approach charitable giving in a way that is fundamentally different from men. Women are more generous with their wealth, prioritize different causes, and generally approach philanthropy through creative, empathetic, and high-impact giving strategies that put more trust in beneficiaries and prioritize collective decision-making.
As we enter the end-of-year giving season, women donors of all income levels have an opportunity to join this movement to give audaciously, invest in trust, and work with like-minded women to amplify their impact.
Though we still control less wealth than men, women give more of ours away. Across income levels and generations, women are more likely to give, and give more. And when we donate, it is often a collective act, building community with other philanthropists while building the strength of the communities around us.
Through giving circles—groups of people who pool donations and decide together where to allocate their money—women's communal philanthropy is growing in strength and popularity, particularly in the wake of COVID-19. Since their inception, giving circles have contributed more than $1.3 billion to myriad causes.
When women's participation in the workforce grew at the fastest rates ever recorded in the 1980s, women of all income levels and backgrounds searched for methods to invest in our communities in ways that reflected the issues we cared about. At this same time, the collective giving movement in the U.S. began to grow. The rise of giving circles is good news for the diversity and democracy of American charitable giving and the wide array of causes and nonprofits that everyday women givers support. Seventy percent of giving circles around the world are women-led. And while a very small percentage of traditional philanthropy supports women's and girls' organizations, giving circles consistently rank children and family issues among their top three causes to support.
One such giving circle, ninety-nine girlfriends, is having a meaningful impact in the Portland, Ore. area with hundreds of women pooling donations and making collective decisions on which initiatives to support. Over the past six years, they have mobilized more than $2.2 million to advance the work of more than two dozen organizations in their community. Another example, LatinasGive!, is Denver, Colo.'s first Latina giving circle pooling resources, promoting intentional community investment, and driving proactive giving to issues that advance the Denver Latina community.
This giving season, find new ways to support women and girls in your community, because less than 2 percent of traditional philanthropy dollars just isn't enough. If you work with a wealth advisor or control a fund, make your goals even more audacious this month and make gifts that reflect the tenets of trust-based philanthropy. If you're an independent donor, join or start a giving circle to build community and magnify the impact of your personal giving. Regardless of your approach, we hope you can align your giving with your values, and ensure your philanthropy reflects your beliefs.
Women's wealth is increasing, and with it, our philanthropy. We are demonstrating courage and conviction through giving, and we hope everyone joins us in this diverse and joyful movement this holiday season.
Sara Lomelin is the CEO of Philanthropy Together, a global initiative to grow and strengthen the global giving circle movement.
Dianne Chipps Bailey is the managing director, national philanthropic strategy executive, philanthropic solutions at Bank of America.
The views expressed in this article are the writers' own.
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