Despite the fact that we are still fighting for equal pay for women in 2011, both the Toronto Star and the New York Times have reported that there are more women controlling more wealth in the United States and Canada than ever before. What does this mean for the way that wealth is being used? In some cases, it means a shift in philanthropic trends.
Because women have been increasing their control over the country’s wealth, either by earning it themselves or by having more of a say in what happens to family funds, donations are being made in very different ways. According to the Times, “[U]nlike the women who preceded them — old-school patrons who gave to the museum and the symphony and their dead husbands’ alma maters — these givers are more likely to use their wealth deliberately and systematically to aid women in need.”
Many of these women have also teamed up to maximize their efforts. Officials at the Canadian Women’s Foundation, a Women’s Funding Network member, told the Star that female philanthropists “have adopted new models, such as giving circles, to bring like-minded donors together to pool their resources in support of a common cause.” They also tend to give to organizations that they are already involved in or that they see are contributing to a greater movement.
AAUW members also follow this model by teaming up to support projects they feel passionate about while honoring dear friends. Some notable examples are the Ruth Z. Sweetser Honorary Fund, the Barbara Fetterhoff Honorary Fund, the Mooneen Lecce Giving Circle, AAUW of Iowa’s gifts in honor of Mary Ann Ahrens, members’ gifts in honor of Lilly Ledbetter, or contributions from philanthropists such as Lilo Leeds. Collectively, these sponsorships have provided hundreds of thousands of dollars for crucial programs.
Not only are women giving differently than men, they are also giving more. The Wall Street Journal reports, “Recent research by the Women’s Philanthropy Institute at Indiana University shows a striking pattern: Female-headed households top male-headed households in philanthropic giving in almost every income group.”
Swanee Hunt
In some cases, women are giving a whole lot. The organization Women Moving Millions has taken the giving circle model to a new level. Begun by sisters Helen LaKelly Hunt and Ambassador Swanee Hunt, the Women Moving Millions campaign aims to inspire gifts of a million dollars and above in support of women’s funds across the globe. (You can meet Hunt when she is honored on June 3 at the Women of Distinction awards ceremony during the National Conference for College Women Student Leaders.)
These new giving models coupled with the continuing increase in women’s control of wealth can mean big changes not only to the world of philanthropy but to the women whose lives are changed through this support.
This post was written by Leadership Programs Fellow Jessica Kelly.
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