As women begin to wield more power through increased control of finances, significant wealth transfer and more workforce parity, their influence must not be overlooked. The nonprofit sector needs to recognize the effect of this shift, and the implications for the future of philanthropy.
Historically, fundraising strategy has been mainly targeted towards men. It's critical for the nonprofit sector to do a U-turn, or at least a soft left or right and recognize the coming monumental change in philanthropic influence, or suffer the consequences. Nonprofits and fundraisers need to understand how and why women may make decisions differently than men and tailor their approach accordingly.
CAF America Women's Impact in Philanthropy.
In the November 13, 2018 The Provocateur: Rise of the Female Philanthropist, I wrote about how some research shows the propensity of women to give double that of men — 'women give 3.5% of their wealth compared to men at 1.8% (almost double).' CAF America Women's Impact in Philanthropy.
If that is true, before we begin to alter strategy, we need to understand how and why female philanthropists differ in their charitable giving.
…..'the psychological and values differences between men and women's motivations for giving. We explored two of the eight mechanisms for giving developed by Bekkers and Wiepking as a framework for why people give—principle of care and empathic concern. Are there differences in these motives for giving by gender, and can these differences in values and the psychological benefits that people receive when making donations explain gender differences in charitable giving? Are women more likely to give and give more than men because of their higher levels of empathic concern and principle of care? We used two US national data sets to test our hypotheses.
This is a great opportunity for the fundraising sector — women will control more wealth and if the research is correct, women have different values than men. They have been socialized to be more likely to behave in ways that reflect a higher need to take action on behalf of others who are less fortunate in terms of time and money. More money + increased giving = good things!
Preparing for and executing a successful fundraising campaign is a daunting task whether your campaign is for $1 million or $100 million. A different strategy isn't going to work if we haven't done our homework. For strategy to work, it's critical for it to be aligned with your organizational goals, but it must also be tuned into the external environment. In this case, it's understanding the Female Philanthropist.
So, we now understand there are different motivations at play between male and female philanthropists. Although we should test for generational differences and motivators, it's just as imperative to treat each and every one of your donors as an individual, regardless of gender or age.
Our role as fundraising professionals is to assist others to do philanthropy well. We need to ensure their donations of any size have an impact. What is your organization doing to ensure impact with each and every donation? Do you approach female donors differently than male donors? In both cultivation and gratitude strategies?
Part one discussed the Rise Of The Female Philanthropist - Ignore Her At Your Peril. Stay tuned for next week's look at The Female Philanthropist — what is she funding?
THE RISE OF THE FEMALE PHILANTHROPIST - WHAT IS SHE FUNDING?