This year's annual Bank of America Merrill Lynch Study of High Net Worth Women's Philanthropy finds that women are either the sole or an equal decision maker when it comes to philanthropy in high net-worth households.
The study also found that women spend more time than men when making philanthropic decisions, they expect a deeper level of communication with the organizations they support, and they place greater importance than men on the efficiency and effectiveness of the organization and hearing about the impact of their gift. Women also value being actively involved with an organization and its mission.
The report also found taht women are more strategic than men in their charitable giving, with 78% of women creating an annual giving strategy (compared to 72% of men).
Bank of America Merrill Lynch national foundation executive Claire Costello said, "As women create and control a growing share of wealth in the country, their influence in philanthropy is more evident. This study helps to quantify the philanthropic clout that women have and demonstrates to nonprofit leaders and fundraisers the value and impact of engaging women, especially high net worth women, in the organization's mission."
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