Women are leading the way when it comes to philanthropy in Canada.
Not only do they donate more often than men, but they also have more money to give than ever before, says a new TD Bank Group report. The survey (called Time, Treasure and Talent: Canadian Women and Philanthropy) is the first in-depth review of female philanthropists and their attitudes toward giving.
“Women in Canada donated about $3 billion to charities in 2012, which is about 50% more than they [donated] just 10 years earlier,” says Sandy Cimoroni, COO of TD Wealth.
“As women’s influence over wealth in Canada continues to increase,” she adds, “many are adding a charitable giving strategy to their overall wealth management plan. They’re [also] looking for objective advice on how to develop a strategy and measure the success of their efforts.”
The report suggests women are more supportive of the charitable sector since they’re donating more and stepping in as volunteers. They do, however, carefully assess the nature, make-up and financial condition of charities before making pledges.
TD’s “research found that the most important motivators for women philanthropists were a desire to help those in need and a belief in the work undertaken by specific charities,” says Cimoroni. “Still, [they] want to know where their money is going.”
After choosing charities, the report finds many women establish a close relationship with those who run the charities, which helps them monitor how well organizations are managed and administered over the long term. It also helps women see the impact of their donations.
As more start to donate, they’ll be looking for advisors who can suggest ways they can find suitable charities. For example, they need to know what questions to ask charities, as well as what data they need collect data to supplement the information given in organizations’ annual reports.
Also, advisors can help female clients determine how charitable gift-giving fits into their estate plans.
- Canadian women control approximately one-third of household wealth in Canada, or approximately $3.2 trillion in total assets;
- the increase in the number of female donors has greatly exceeded that of male donors over the last ten years;
- between 300,000 and 350,000 women, or 4% of female tax filers, want to make a major gift to a charity;
- sixty-eight percent of women in Canada support about three causes each year;
- women who are active donors are often motivated by their upbringings, their faith and/or life-altering events such as their spouse’s or relative’s death; and
- female philanthropists tend to give more often than men to local charities that support health and social causes.