TD report finds that women have a unique way of donating
TORONTO, June 20, 2014 /CNW/ - 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. 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. 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. According 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.
Some of the other key findings in the Time, Treasure and Talent: Canadian Women and Philanthropy report include:
-
Canadian women control approximately one-third of household wealth in
Canada, or approximately $3.2 trillion in total assets;
-
In the past ten years, the increase in the number of female donors in
Canada has greatly exceeded that of male donors;
-
Between 300,000 and 350,000 women in Canada - or four percent of
Canadian female tax filers - have access to both the financial
resources and the desire needed to make a major gift to a charity;
-
68 percent of Canadian women support no more than three causes each
year;
-
Women who are active donors are often motivated by their upbringing,
their faith, a life-altering event such as the death of a husband or
another family member, or coming face-to-face with a specific need that
could be met through the act of giving;
-
Female philanthropists tend to give more often to local charities that
support health and social causes; and,
-
Most women believe that growth in the number of female philanthropists
in Canada will be driven by existing donors setting an example to their
daughters, friends and colleagues, and other prominent women in their
communities.
While the majority of affluent female donors are self-reliant and
undertake considerable investigation into the management of a charity
before making a funding commitment, the research revealed there is a
need for more guidance in fully understanding financial reports and
identifying the most appropriate metrics to measure the progress of a
charity, "This is where philanthropic advisory services can play a
role," says Jo-Anne Ryan, Vice President, Philanthropic Advisory
Services, TD Wealth. "This type of advice is becoming more and more
relevant as clients seek to incorporate philanthropy into their
financial and estate plans. Whether it's advice for how philanthropy
fits into their overall financial strategy or support establishing a
structure to leave a legacy, often as donor advised funds within the
Private Giving Foundation, we're seeing a growing need for these types
of services."
As well, the report touches on opportunities for charities in Canada to
raise their profile with women in their communities and produce
outreach materials that meet the needs of female donors. It also
recommends that charities take steps to include more women on their
Boards of Directors, which still tend to be male dominated despite the
rising influence of women philanthropists.
"For charities, there is a tremendous opportunity to engage women donors
by encouraging them as supporters, rather than setting their sights
more narrowly on building a base of financial donors," adds Ryan.
"Women increasingly have the ability to make significant contributions
to their communities - and charities in particular stand to benefit
from this."
About the Report & Investor Economics
Time, Treasure and Talent: Canadian Women and Philanthropy is a research paper on Canadian women and philanthropy, commissioned by
TD as part of an initiative to better understand the financial needs,
habits and aspirations of Canadian women. The research was conducted
by Investor Economics, a Canadian research and consulting firm that
specializes in the fact-based measurement and analysis of Canada's
retail financial services and wealth management industry. Established
in 1992, Investor Economics has become a thought leader in financial
services by identifying trends and creating benchmarks for the industry
to follow. Investor Economics provides frequent commentary on all
aspects of the financial services industry including services provided
to donors and institutions active in the not-for-profit sector. The
report is based on qualitative and quantitative research collected from
March through May, 2014, including focus groups held in cities across
Canada from March 31 to April 15, 2014. Copies of the research are available by request.
About TD Wealth
TD Wealth represents the products and services of TD Waterhouse Canada
Inc., TD Waterhouse Private Investment Counsel Inc., TD Wealth Private
Banking (offered by The Toronto-Dominion Bank) and TD Wealth Private
Trust (offered by The Canada Trust Company).
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as
TD Bank Group ("TD" or the "Bank"). TD is the sixth largest bank in
North America by branches and serves over 22 million customers in three
key businesses operating in a number of locations in financial centres
around the globe: Canadian Retail, including TD Canada Trust, TD Auto
Finance Canada, TD Wealth (Canada), TD Direct Investing, and TD
Insurance; U.S. Retail, including TD Bank, America's Most Convenient
Bank, TD Auto Finance U.S., TD Wealth (U.S.) and an investment in TD
Ameritrade; and Wholesale Banking, including TD Securities. TD also
ranks among the world's leading online financial services firms, with
approximately 8 million active online and mobile customers. TD had
CDN$896 billion in assets on April 30, 2014. The Toronto-Dominion Bank
trades under the symbol "TD" on the Toronto and New York Stock
Exchanges.
SOURCE TD Bank Group
