Women are playing an increasingly important role in charitable giving and philanthropy in Canada, donating more often than men and with more money to give than ever before, according to a TD report.
This change in Canada’s charitable sector is the focus of a new Investor Economics research report commissioned by TD Bank Group (TD), which draws attention to the attitudes and methods of women philanthropists and how this impacts their approach to charitable giving.
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The report, Time, Treasure and Talent: Canadian Women and Philanthropy, is the first in-depth review of the presence and influence of female philanthropists in Canada and is part of TD’s ongoing initiatives to understand the overall financial needs, habits and aspirations of Canadian women.
"Women in Canada donated about $3 billion to charities in 2012, which is about 50 per cent more than they did just 10 years earlier," said Sandy Cimoroni, Chief Operating Officer, TD Wealth and Executive Sponsor of TD’s Women Investor Strategy.
"As women’s influence over wealth in Canada continues to increase, many of them are adding a charitable giving strategy to their overall wealth management plan and are looking for objective advice on how to develop a strategy and measure the success of their efforts."
The report puts a spotlight on the growing effect women have on the charitable sector, thanks to their influence over wealth and impact as active supporters and volunteers, while also shedding light on their unique approach to giving.
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By GlobalDataAccording to the research, female philanthropists in Canada are looking to establish long-term, two-way relationships with the charities to which they provide significant financial support.
Women donors also make a considerable effort to assess the nature, make-up and financial condition of charities before a gift or pledge is made.
And while all of the women who participated in the research were financially successful, the report revealed that for most women, their primary definition of philanthropy is framed in terms of effort, commitment and a basic desire to help others by sacrificing personal resources and time, rather than in dollars and cents alone.
"Our research found that the most important motivators for women philanthropists were a desire to help those in need and a belief in the work undertaken by specific charities," said Cimoroni. "Still, that doesn’t mean that women don’t want to know where their money is going."
According to Cimoroni many women want to establish a close relationship with their chosen charities so they become comfortable with how efficiently a charity is managed and administered, and to understand and monitor the impact of their donations.
They’re also looking for guidance from financial advisors on the right questions to ask and the right information to obtain, to supplement what is available in annual reports of charitable organizations.
