» Women And Money

"Times, they are a changing." according to the latest IRS figures 39 percent of the country's 6.5 million top holders of wealth are women. That translates into approximately 2.5 million women who have combined assets of $4.2 trillion.

What makes this significant? According to Joana L. Krotz, a former editor at Money, of this group of wealthy women, 42 percent are single or widowed. She further states that by 2050 an estimated $41 trillion is expected to pass from the oldest generation to the next. What we will see is more and more wealth concentrated in the hands of women. Krotz further cites that with this gender controlled shift of wealth, so the shift in the world of giving.

This trend has become more noticeable since the late 1990's. Donna Hall is the new executive director of the Women Donors Network, a group of 90 women out of Palo Alto, Calif, who qualify to join by giving away at least $25,000 a yar. It was created nine years ago to educate wealthy women how to give effectively. Early on it assisted women who had inherited money and lacked the confidence in their financial abilities, but serves a broader scope of women who want to be sure that their philanthropy makes a difference.

In answering the question, why it is important for women to have their own organization, Hall points out that women come to money and to this experience differently that men. No longer do women have to deal with where to get the money, women currently control a majority of the wealth in the United States according to Hall. They tend, as they grow older to be self-sufficient and to deal with the issues germane to their lives through philanthropy. She states that they want to develop girls and women's programs and to fight for social justice. Women put money where their heart is. That's why women need an organization. Interestingly, women approach philanthropic giving different that men. Marcia Festen, a Chicago-based philanthropic adviser say, "more women tend to give anonymously than men, and, unlike men, women give based on their values more than their egos." Women are more likely to give over longer periods of time and to give a higher proportion of their income. Men are more likely to give to traditional charities, universities, sports clubs or churches. Women give more liberally. Sondra Shaw and Martha Taylor are co-founders of the Women's Philanthropy Institute and authors of Reinventing Fundraising. Realizing the Potential of Women's Philanthropy. Founded in 1997, the highly regarded Women's Philanthropy Institute located on the campus of Indiana University-Purdue University Indianapolis.

The WPI educates, encourages and inspires women to employ philanthropy to affect global change through innovative programs and a dynamic speaker's bureau. Martha Taylor in a WPI article points out eight strategies for more effective giving. She stresses that philanthropy should begin as early in life as possible. Encouraging women to find their passion and then focus their gifts to have the most impact even organizing others and making pooled gifts. She stresses teaching the art of philanthropy to the next generation, instilling these values on your children. Never forgetting to make philanthropy fun. More and more women are directing their dollars towards causes that they care about and setting the state for this new women's movement: philanthropy. Linda Shoemaker, a Women's Donors Network member since 1999, won Colorado's Outstanding Philanthropist for 2004. At a luncheon, Linda Shoemaker was honored as a women who personifies all that a philanthropist should be. A visionary, willing to take risks... she sets the standard for public foundation leadership, say Josie Heath of the Community Foundation Serving Boulder County. Linda Shoemaker is dedicated to making a difference. She volunteered as a Court Appointed Special Advocate for Abused and Neglected children and is involved with the I Have a Dream Foundation, providing college sholarships to students who otherwise would not be able to attend college. Clearly, women can and are making a difference. Some create new solutions to old problems, some use their financial power, some create organizations, some volunteer their time. With the shift of financial economics, women are using their financial purse to create new solutions to old problems and working to make a lasting difference.