Do You Feel Confident in Your Philanthropic Decisions?
Did you know that women are more likely to give to charity, tend to give more to charity, and are more likely to volunteer compared to men?
Based on survey results published by Fidelity Charitable, women are also more likely than men to seek advice from professionals when making decisions about their charitable giving. Men tend to seek advice from their personal contacts, friends, and family.
Oftentimes, financial planners play a unique role in helping their female clients with charitable planning. Because women tend to give more to charity, this can have a larger impact on their overall financial plan. Planners can help clients find the most tax-efficient and optimal strategies for pursuing their charitable goals.
Reasons for Giving
Aside from the tax benefits of philanthropy, there are many reasons and motives for giving. Reasons include:
- Gaining a sense of fulfillment
- Helping the less fortunate
- Giving back to a community
- Encouraging the next generation to give and volunteer
- Creating a lasting impact and legacy
Men and women approach charitable giving differently; shouldn’t they receive advice that is tailored to their particular needs? We believe so! That is one of the many reasons we began the Women’s Wealth Initiative at Savant. We recognize that each of our clients has unique needs and circumstances. Our approach in giving advice is to understand our clients’ goals and help them build their ideal future.
For more information on how the 2017 tax law impacts charitable giving, see Savant’s blog post on the topic: How the New Tax Law Impacts Charitable Intent.
Sources: Fidelity Charitable, Women’s Philanthropy Institute
This is intended for educational purposes only and should not be construed as personalized tax or financial advice. Please consult your tax and financial professionals regarding your specific circumstances. Savant Capital Management is a Registered Investment Advisor. Savant’s marketing material should not be construed by any existing or prospective client as a guarantee that they will experience a certain level of results if they engage Savant’s services. Please Note: “Ideal” is not intended to give assurance as to achieving successful results.