Lately, there have been quite a few a research studies published about how women save money, invest money, and spend money. These studies are being done routinely by Fidelity Investments, US Trust, and similar financial services organizations. It doesn't take the preverbal rocket scientist to understand why these companies are spending money to try to understand women's money habits. Women are earning money and are often the financial decision makers. In the January/February 2016 issue of Investments & Wealth Monitor , author Cam Marston, reported that female philanthropists donate 26 percent more than their male counterparts.  Marston also points out that 13 percent of the ultra-high net worth individuals are women. One study by Fidelity Investments reported that 70% of all nonprofit workers are women. Women are a growing economic segment and will likely continue to grow in the future. In fact, the U.S. Department of Labor predicts that by 2022, women will represent 46.8% of labor force.

In the past decade there has been an increase in philanthropy-focused networking groups for women.  In 2007, American Red Cross created the Tiffany Circle for women leaders and philanthropists. Also in 2007,   Women Moving Millions was launched in partnership with the Women's Funding Network. In 2009, Impact 100 Philadelphia, another women's philanthropy network, made it first gift.  Impact 100 started in Cincinnati in 2001. Today there are 20 cities/regions that have embraced the Impact 100 model, including three in Australia. The 2011 study by the Center on Philanthropy at Indiana University looked at women who give as part of a philanthropy network and it found that women like to give back to the community and where they can make a difference. They prefer to give to organizations that are efficient and are more likely to give to an organization that they are connected to by volunteering.

High net worth women who participate in philanthropy networking groups are more thoughtful about their giving; they are more likely to have a strategy and budget for their philanthropy. The study also found that women who are part of a philanthropy network expect organizations to follow sound business practices and honor the intent of the gift. They also expect good stewardship and ongoing communications.

Behaviorally speaking, the 2011 Center on Philanthropy's study shows that women are more likely to make gifts to general operating support (60.2%) than to support the growth of an organization (22.2%). 

Even though high net worth women are thoughtful in their philanthropic decision making, if we understand some of their investment behavior, we can gain insight into their strategies and challenges. US Trust's 2014 Women and Wealth study notes that women are more likely to save money for emergencies than men and an astounding 65% of high net worth women have provided financial support to an adult member of their family.  High net worth women, like most women, put their own needs last and have multiple demand on their time and financial resources. The study also found that high net worth women are more aware of the tax consequences of their investments when compared to men. 

The US Trust study also noted that women are often in control of intergenerational wealth partly because they outlive men and often are the executor or trustee of an estate. Women are keenly aware of the disagreements that arise about the use and distribution of family wealth.  And, they are more likely to worry about how wealth contributes to negative family relationships.  Behaviorally speaking, the 2014 US Trust's study also indicated that women are more likely than men to make investment decisions that express their social, political, or environmental values.  Women are more likely to embrace social impact investing.

Women are a powerful economic segment that will continue to grow over the next few years. Fundraisers should be actively cultivating women, but we need to consider the gender differences. Here are a few dos and don'ts for soliciting women philanthropists:

Marge King is a member of AFP GPC's board and a fundraiser and researcher. Find her at www.inforichgroup.com. She is also co-editor of Prospect Research Review (www.prospectresearchreview.com).