Change is afoot in not only the ‘face of wealth,’ but relationally, ‘the face of philanthropy.’ In light of recent research findings (check the link below), it’s clear that the charitable sector will benefit from a thorough review of how it communicates and interacts with their communities, specifically, to ensure they are providing the type of service that will attract and retain women. Consider the following:
- The first wave of baby boomers reached retirement age in 2011 and over the next few decades, the ‘intergenerational transfer of wealth,’ will most likely rest in the hands of women before being passed along to the next generation
- the average number of years that a widowed baby boomer will outlive her spouse is 16
- 70% of women change their financial advisors within a year of their partner’s death (citing disconnection with advisor or unsatisfactory service)
- The financial sector is ramping up advisor training to shift the focus on ‘big-picture’ planning and jargon-free explanations (research shows women prefer a more holistic approach), in an attempt to retain/attract female customers.
What do you think charities could and should do to respond to this? What is happening at your organization?
Check out the following resources to spark discussions.
The TD Bank Group has released this first-ever Canadian research paper on the topic of women and philanthropy Your Story, Your Future: Time, Treasure, Talent: Canadian Women and Philanthropy as part of an initiative to better understand the overall financial needs, habits and aspirations of Canadian women (please be patient when downloading the report, it may take a minute or two…but worth the wait).
Women’s Philanthropy Institute, Indiana University – wonderful website, full of resources and articles.