[By Suzanne Gardner, a Major Gift Officer at Regis University] I certainly cannot take credit for the Power of the Purse idiom related to women’s influence, but I spend a great deal of time exploring its manifestations in the world of philanthropy. Indeed, such examination is gaining some real traction in the fundraising world.
Why?
Women in this country have more access to, and control over, financial resources than at any other time in history.
There is clear evidence pointing to the contributing factors that are responsible for women’s shifting economic position. Foremost is the fact that women’s participation in the labor force has steadily increased over the last 30 years, while correspondingly declining for men. The labor force participation rate for women is now maintaining steady at around 61%. (Though, don’t confuse participation with parity in terms of pay or power; the glass ceiling and attendant difference barriers are still firmly intact.)
Women’s presence as business owners is also stronger than ever before; they own and run 40% of businesses in this country. Women are becoming increasingly comfortable as leaders, decision-makers, and wealth owners. They are empowering themselves, being role models and mentors for others, and finding respect and stature in all things economic. With both their business and personal wealth, women are taking an active stance in becoming more savvy and informed consumers, investors, and philanthropists.
This dramatic shift in the nation’s labor pool composition has, in part, been fueled by women’s gains in educational attainment, which have significantly outpaced those of men over the last 30 years.
The statistics for two and four year educational institution enrollment, retention, and securing of both undergraduate and graduate degrees continues to favor women over men. This broadly acknowledged gender gap, forecast to further widen by 2020, continues to be examined closely in the world of higher education. And if you happen to be in advancement in higher education like me, the rapidly growing number of alumnae with the power to make significant philanthropic contributions to their alma maters is very compelling.
Though the above speaks to how women are acquiring wealth in their own right, there are also other factors at play in the enhanced financial status of women.
One lies in who controls wealth, whether its their own or that of the family unit. It has been touted that women control 60% of all personal and family wealth. This often holds true for philanthropic decision-making and the bottom line today is that women’s voices are increasingly being heard in this arena. Long gone are the days when a conversation with a wealthy family involved only the husband.
And contemporary women donors are also demanding control when it comes to getting involved with nonprofits. In my years in the development world, I have personally witnessed their transition from more traditional involvement forums such as event planning to more substantive advisory and board roles. The former, for many, is simply not stimulating or fulfilling and often seriously underutilizes women’s intellect, talent, education, professional skills, and general life experience.
Women’s desire to control all aspects of their philanthropic experience, backed by The Power of the Purse, can hold enormous potential for nonprofits. Many consider women to represent the new face of philanthropy and exploration of their unique motivations as donors has been dubbed as the Women’s Philanthropy Movement. A great deal of attention is being given to defining the nuances of what this face looks like and how it differs from those of other donor group constituencies.
The Power of the Purse continues to grow and gender matters in philanthropy.
Suzanne Gardner is currently a Major Gift Officer at Regis University in Denver. Her role involves building alumni engagement platforms and raising funds from the predominantly female alumni population of the Regis University Rueckert-Hartman College for Health Professions. Her previous roles in K-12 education and mental health included grantwriting, annual fund, and volunteer coordination positions. She has a professional and personal passion for women’s evolving presence in the world of philanthropy.
