Women in Philanthropy

When Dolly Parton received the Carnegie Medal of Philanthropy in 2022 it was hard to list all of her efforts; she donated a million dollars to COVID research at Vanderbilt University, another million for their childhood cancer work and another for infectious diseases, she supports the Barbara Davis Center for Childhood Diabetes, Save the Music Foundation and the Boot Campaign. She gives a scholarship to every graduate of her hometown high school headed to the local college and covers 100% of tuition, fees and books for Dollywood employees wanting a degree. Her generosity extends to children’s literacy programs, flood and wildfire relief in Middle Tennessee and even a 30,000-square-foot aviary to shelter the country’s largest collection of “non-releasable” bald eagles. And that’s not the complete list.

Woman philanthropy in the US is actually older than the country itself beginning with Ann Radcliffe’s financial support of the first scholarship fund at Harvard University in the 1643.

That generosity is reflected today by Ruth Gottesman, educator and widow of a Wall Street financier, who gave $1 billion to the Albert Einstein College of Medicine to ensuring tuition is covered for all future students, at the same time addressing both health care and educational inequalities.    

Gifts come in all sizes, Melinda French Gates’ $250 million pledge to support global women’s health made headlines, while the 100 Women Philadelphia asks members to contribute just $100 four times a year to support grants to local charities.  

But how much of charitable giving is driven by women?  

The Boston Foundation reports that women now make up 47 percent of this country’s top wealth holders, people with 2 million or more in assets. According to the Internal Revenue Service these women together control nearly $5 trillion in assets, according to the U.S. and because they often outlive any spouse, they will control the family wealth.

It’s a good thing.  

A study by the Indiana University Lilly Family School of Philanthropy revealed women are not only more likely to give to charity than men, but they will also on average donate higher dollar amounts.  This holds true for single, divorced, widowed and the never-married, women are all more likely to give than their male counterparts.  

Want numbers?  While men outnumber women in the top earning bracket women are more likely to donate money, 91% against 47%. Research conducted for the Women’s Philanthropy Institute (WPI) has found that women – led households are more likely to give and to give more than men in the same circumstances.  Baby Boomer women (1946-1964) will give 156 percent more to charity than men.

What about time?  An American Institute for Boys and Men report notes women volunteer more than men at every age, with the gap greatest in middle age. 

Indeed has ten top reasons that volunteering is good for you, health wise and professionally. Finding a volunteer outlet that gives you a sense of purpose and introduces you to new people not only helps you manage stress, it teaches you new social skills and opens up opportunities for networking, especially important to women.  

You don’t have to wait for retirement or a certain tax bracket to become a philanthropist.  With planning, giving can begin early in your career and follow your interests, values and overall financial plans.

Financial planners writing for The Standard suggest beginning with finding causes that matter to you then working with a financial adviser to create a plan that supports your charity goals and is tax efficient for you.  Whether you have a lot or a little to give in money and assets, both you and your favorite non-profits will benefit with a strategy in place.

Want to meet other great women who practiced giving back?   Philanthropy Roundtable has created a list - 10 Exceptional Women in Philanthropy - of women who made philanthropy their mission, from Bernice Pauahi Bishop the great-granddaughter of King Kamehameha the Great to ‘The First Lady of Texas, Ima Hogg