A recent study Time, Treasure and Talent: Canadian Women in Philanthropy by the TD Bank on understanding the financial needs, goals and aspirations of Canadian women also included a focus on philanthropy and charitable giving by Canadian women.
In 2012, the Canada Revenue Agency reported that charitable donations by Canadians reached $8.3 billion. The banks’ report suggests one of the most influential forces in creating change in the charitable sector is the participation of women – as volunteers, leaders, board members and most importantly as donors.
Canadian women give a larger share of their assets to charity than men. TD’s study examines the roles, attitudes and expectations of women involved in charitable work, across all causes.
- 4% of female tax filers have the resources to make a major charitable gift ( 300,000 to 350,000 women )
- A majority of Cdn households holding investable assets greater than $500,000 include at least one woman
- Charitable giving by women has risen from $1.1 billion in 2002 to $3 billion in 2012
- The study suggests women are more likely to volunteer and donate to a charity than men
- 4% of female tax filers have the resources to make a major charitable gift ( 300,000 to 350,000 women )
Women and Wealth
Women emphasize the importance of creating a long term relationship with a charitable organization, and the study suggests the outlook for generosity of women donors is positive. The study contains detailed data on the profile of ‘women and wealth’ and is a quick, informative read. For many women, a prime motivator to charitable giving is the realization that they and their family have a level of financial security that enables them to want to support a particular cause or charity. Interestingly, the tax considerations of charitable giving are not top of mind when gifting decisions are being made by women.
The study suggests that charitable organizations have the opportunity to raise their profile with women in their communities, and to understand how best to structure information sharing, communications in a way that responds to the motivators for women that are described in the study.