Women are different from men in many respects, not least in their influence over charitable giving decisions, according to the Bank of America Merrill Lynch 2011 Study of High Net Worth Women's Philanthropy, released Monday.
Indeed, in some 90% of high-net-worth households, women are either the sole decision maker or an equal partner in decisions about charitable giving, the study found. This may mean that some charities will need to adapt their messaging and strategies to appeal to women's distinct giving behaviors and motivations, the bank said in a statement.
This latest Bank of America Merrill Lynch study draws on the expertise of the Women's Philanthropy Institute at Indiana University's Center on Philanthropy. It offers several insights into similarities and differences between high-net-worth women and men donors.
The study found that women were more strategic than men in their charitable giving, with 78% creating an annual giving strategy and/or budget compared with 72% of men.
In addition, women's personal experience with a nonprofit and the organization's ability to communicate its impact are important factors to donors (women 82% and 46%, respectively; men 73% and 32%) when making charitable giving decisions.
When making a gift, 80% of women and 68% of men expect the nonprofit to honor their request for how the gift is used, and to share with them the positive effect their gift has had (women 45%, men 26%). In addition, more high-net-worth women (91%) than men (83%) expect nonprofit organizations to send a receipt for tax purposes.
