Philanthropy might suggest an image of a rich many giving out money to resuscitate his public image, but this is a stereotype that is rapidly changing in today’s day and age. Thanks to the stellar growth of women professionals in the recent decade, more and more female professionals have entered a stage of their life where they can more freely share their success with others in the world.
Much as women professionals have to exhibit unique ideas and ingenuity in order to succeed in the male-dominated industries they climb, they have to take the same approach to ingenious and clever philanthropic approaches.
Historically, philanthropists have approached giving with a wide net. This approach resulted in small amounts of good across many charitable organizations, but the resulting impact was only so noticeable. Today, women are approaching philanthropy with much firmer goals and plans in mind. This focus on so-called impact investing is resulting in larger donations to fewer charities, which promotes specific causes more powerfully.
Many first-time philanthropists are more reactionary in their giving – responding to pleas in the mail or a fundraising event. These are excellent ways to begin getting involved and are very direct forms of giving, but having a more structured plan for impact is worthwhile no matter who you are.
Championing a Cause
Many women are stepping into the spotlight in order to promote their causes even more than before. The 50th anniversary of Title IX’s establishment resulted in former college athletes endowing millions of dollars to promote the further success of young women’s collegiate scholarships and programs.
These were exceptionally impactful and visible philanthropic works, and they continue to promote further giving by providing the next generation with a strong source of connection and involvement. Women are forming much stronger connections to their philanthropic targets than those that have come before.
Compared to the past generation, twice as many high-net-worth women believe that the ability to promote change is their standard for being ‘wealthy.’ Young Women are more and more focused on promoting change in the world, as well as continuing to build upon the change and good that the prior generations developed.