Women are changing the face of philanthropy. More women are making their own fortunes than ever before and taking charge of family philanthropy, shaping how wealth made by spouses or earlier generations is given away. It’s no surprise since studies suggest that women are more likely than men to engage in behavior intended to benefit others, such as philanthropic giving.

Women now control more than half of the private wealth in the U.S. and make 80% of all purchases. According to Boston College’s Center on Wealth and Philanthropy, women will inherit 70% of the $41 trillion in intergenerational wealth transfer expected over the next 40 years. As women control more wealth, the face of philanthropy will continue to change.

There is a rich history of high-profile women contributing generously to significant causes. Such as Melinda Gates, Susan Buffett, Alice Walton and Diane von Furstenberg just to name a few. These women have emerged as the top networkers and catalysts in modern philanthropy, bringing people and resources together for different causes. Women today are also giving more to private foundations and public charities focusing on their own programmatic priorities. They are sparking positive change in communities around the world.

As with any philanthropic decision-making process, women need to assess the impact they wish to have. Decisions about philanthropy should not be made in a vacuum. Consider the following.

  • Values – What has guided your previous gifts to charity? What causes excite you, and why?
  • Impact – Do you feel your previous gifts to charity have had the impact you desired? What impact do you want for your future gifts? What causes are philanthropic priorities, and why?
  • Women and Girls – Do you want to support programs that focus on women and girls?
  • Decision-making – Are there others you wish to involve in the decision-making process? Family members? Do they share your values? Are there other women whose opinions you respect whom you should bring into the process?
  • Due diligence – Who will perform the due diligence for the charities you wish to support? Does the charity have a track record for accomplishing its mission? Are funds used wisely?
  • Legacy – Do you desire to create a family legacy for your gifts? If so, should you make provisions in your estate plan for charitable gifts in addition to any lifetime giving?
  • Assets – What are your financial obligations, both currently and into the future? What amounts and assets are discretionary such that you can use those assets for gifts to charity? 
  • Recognition – Do you wish to be recognized, or to remain anonymous? Might you want to endow a named fund?
  • Professional advisors – Which of your professional advisors need to be part of the decision-making process? Attorney, tax advisor, financial advisor, investment manager, others?

With women’s wealth and influence climbing, now is the time for women’s philanthropy to reach its full power and potential. Whether giving a modest amount or a transformational gift, women at all economic levels can have an impact on organizations that align with their values and priorities. As a member of the Westover community, please keep in mind after all, as an all-girls school, if women don’t support the future of Westover who will?  

Westover is built on the shoulders of those who have passed through her doors. We count on the support of Alumnae to ensure that our School can continue to embolden girls to find and use their voices - first in the classroom, and then beyond in the boardroom or lab, in their community, and in the world. Westover produces extraordinary graduates - women of strength and character - it always has. Is it time to create your legacy at Westover?