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Boomer, Gen X, Millennial Women:
Do they give differently?November 29, 2017
Abbie J von Schlegell, CFREPrincipal
a. von schlegell & co
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Who Are Boomers?
Born 1946 to 1964 • AKA: Woodstock Generation • 78 million • Influenced by post‐war prosperity, infinite possibilities, rock ‘n roll, space exploration, Civil Rights movement, women’s liberation, Vietnam War, competition from population boom
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Who are Millennials?
Born 1980 to early 1990’s • AKA: Gen Y; Entitled Ones; Nexters, Net Generation, Echo Boomers • 70 million strong • Influenced by Oklahoma City bombing, Waco massacre, 9/11, corporate scandals, Internet, social media, video games, helicopter parents, pushed to excel
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Why Focus on Women?
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“Women are the real architects of society”
Harriet Beecher Stowe
“Forget China, India and the internet: economic growth is driven by women.”
The Economist
“People support what they help to create…”Anonymous
“Never doubt that a small group of thoughtful, committed citizens can change the world. Indeed, it’s the
only thing that ever has.”
Margaret Mead
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Why Focus on Women? An updateWomen now control over 60% of all US wealth
Women own 2/5 privately held US companies – employ more than all Fortune 500 companies combined
Women live 5‐7 years longer than men; they will inherit 70% of estates to be passed down in next 40 years through $41+ trillion wealth transfer
Women responsible for 83% consumer spending, spending $4.9 trillion per year
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Generational Marketing
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Understanding Women’s Potential
2014 U.S. Department of Labor data, women make up 57% of the workforce, and women continue to volunteer at a higher rate than men across all age groups, educational levels, and other major demographic characteristics.
◦Women are surpassing men in terms of educational attainment. In 2012, 57% of bachelor’s degrees were awarded to women and 63% of master’s degrees.
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Women account for 86% of all consumer purchases including everything from autos to health care:
91% of New Homes66% of Computers80% of Healthcare 65% of New Cars89% of Bank Accounts93% of Food
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Women as Consumers
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“ I like to give back—it is the right thing to do. I am very lucky and have a good life, and I want to share with others.” –Female, age 59
“ I’m a big planner, but not on these things. No scheduled amounts; it varies by the reason, cause and timing.” – Female, age 34
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Top issues for Millennial and Baby Boomer Women
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What we know about Millennial giving habits
“Millennials engage with causes to help other people, not institutions.
Millennials support issues rather than organizations.
Millennials prefer to perform smaller actions before fully committing to a cause.
Millennials are influenced by the decisions and behaviors of their peers.
Millennials treat all their assets (time, money, network, etc.) as having equal value.
Millennials need to experience an organization’s work without having to be on site.”
Millennial Impact Report, Achieve/The Case Foundation, 201411
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Millennial Giving habits
Segment of Total US Giving: 11% • Giving Participation: 60% give • Average Annual Gift: $481 • Charities Supported: 3.3 average • Philanthropic drivers: make the world a better place, grassroots activists, seek equality
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Boomer Giving habits
Segment of Total US Giving: 43% • Giving Participation: 72% give • Average Annual Gift: $1,212 • Charities Supported: 4.5 average • Philanthropic drivers: challenge the status quo, change social, economic, political policy
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Financial facts about womenWomen own/control
75%of stocks65%of savings accounts70%of capital
85%of all women will live alone
at some point in their lives
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Happiness with giving
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Boomer women focus more narrowly
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Data from a 2016 study of Fidelity Charitable donors conducted by Ipsos. Donors were asked how confident they felt making decisions in each of these areas.
Fidelity Investments, “Money Fit Women,” 2014 17
When Do Men And Women Feel More Confident In Giving?
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What about my needs?
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Millennials are more likely to discuss giving with others
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Gender differences in giving:to ALL charitable organizations
lots of opportunity for all of us!
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Women Men% making gifts 71% 65%Gifts as % of income 2.3% 2.1%Average gift $ 983 $1,057Charitable Bequests 21% 7%
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Stages of Women’s Philanthropic Journey
motivationknowledgeactionleadershiplegacy
@ Women’s Philanthropy Institute Curriculum,
Lilly School of Philanthropy Indiana University
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Factors to consider in women’s philanthropy
Higher % of women make
gifts
Gifts tend to be smaller, but catching up!
Involvement precedes
commitment
Longer engagement
period
Gifts to make change (vs status quo!)
Giving less competitive
Giving is relational –giving circles
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Overcoming Barriers to women’s philanthropy
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EDUCATION ‐the key• For development staff• For administration• For women donors
Think about givingin a different way!
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The 6 “C’s” of Women’s Giving
ChangeCreateConnectCommitCollaborateCelebrate
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1
23
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Women not usually motivated by:
Public recognitionObligation to othersPeer pressurecompetition
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Lifestage Analyses
Traditionalist (b.1910‐1930)Silents/New Older Women (b.1930‐1945)BoomerWomen (b.1946‐1964)Generation X/Buster Women (b.1965‐1980)Generation Y (b. after 1981)Millennials (b. 2000 -
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Boomer Women….
Influences: 1960’s; civil rights; women’s movement; protests; Vietnam; careersValues: Family, community, individualism, always questionGiving: little loyalty; change; leverage; accountability; with or without partnerApproach: Partner with them, make a difference; network
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Women Retirement Statistics
75% of women not entitled to pension benefits due to interrupted work histories
70% of women retirees fail to plan for retirement
Women’s social security benefits are 25% less due to interrupted work history and earning less income
National Center for Women & Retirement Research
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Influences:make it in a man’s world; career/family choicesValues: self; money; next generation of young women; childrenGiving: need for education; want recognition; see results; leverageApproach: involve; communicate; business‐like; recognize, entrepreneurial
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Women Entrepreneurs
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Buster (Gen X) Women ….
Influences:Watergate; technology; peace; end of war; jet travel; divorce; Berlin WallValues: consumerism; quality of life; healthy living; rapid change; demand balanceGiving: want involvement; proactive in selection of gift recipientsApproach: not singled out as women; networking as business contacts
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Realizing a woman’s potential as a philanthropist
Challenge others: peers, friends
Give yourself permission
Talk with others; give with others
Give out of principal
Be active
Achieve parity with spouse
Pass on your values
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Basic principles of women’s philanthropy….IdentifyCommunicateBuild relationshipsMotivate
DevelopEducateAsk for commitmentSteward
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Using Info About Generations
Younger donors (Millennials and GenX) need to see the impact of their gift and may restrict their gift to those areas where they see a direct impact; less likely to give unrestricted gifts Tailor marketing messages using emotional appeals more for Boomers and Silent/Great generations; and clear impact examples for Millennials and Gen X donors Millennials looking for innovations and creative solutions; want to be involved with time and dollars
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Characteristics of Today’s Women Givers
Intergenerational wealth = $41 trillion
Higher education, employment
Financial knowledge, autonomy
Inheritance and property rights
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Women have unprecedented power to make change.
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Thank you!
Abbie J. von Schlegell, CFREabbie@abbievonschlegell.comwww.abbievonschlegell.com410-908-9068
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About a. von schlegell & cofostering the art of philanthropy
Leadership annual giving and major gifts strategiesDevelopment planning studies and assessmentsCampaign readiness and Capital campaigns Board training and assessmentsAdvancement coachingWomen’s philanthropyBased in the Berkshires in western MA
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