Boomer, Gen X, Millennial Women: Do they give differently? November 29, 2017 Abbie J von Schlegell, CFRE Principal a. von schlegell & co
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 2
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 3
Why Focus on Women? 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 Women are the real architects of society Harriet Beecher Stowe People support what they help to create Anonymous Forget China, India and the internet: economic growth is driven by women. The Economist 4
Why Focus on Women? An update Women 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 5
Generational Marketing
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..
Women as Consumers Women account for 86% of all consumer purchases including everything from autos to health care: 91% of New Homes 66% of Computers 80% of Healthcare 65% of New Cars 89% of Bank Accounts 93% of Food.
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 9
Top issues for Millennial and Baby Boomer Women 10
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, 2014 11
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 12
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 13
Financial facts about women Women own/control 75% of stocks 65% of savings accounts 70% of capital 85% of all women will live alone at some point in their lives 14
Happiness with giving 15
Boomer women focus more narrowly 16
When Do Men And Women Feel More Confident In Giving? 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
What about my needs? 18
Millennials are more likely to discuss giving with others 19
Gender differences in giving: to ALL charitable organizations Women Men % making gifts 71% 65% Gifts as % of income 2.3% 2.1% Average gift $ 983 $1,057 Charitable Bequests 21% 7% lots of opportunity for all of us! 20
Stages of Women s Philanthropic Journey motivation knowledge action leadership legacy @ Women s Philanthropy Institute Curriculum, Lilly School of Philanthropy Indiana University 21
Factors to consider in women s philanthropy Higher % of women make gifts Longer engagement period Gifts tend to be smaller, but catching up! Gifts to make change (vs status quo!) Giving is relational giving circles Involvement precedes commitment Giving less competitive 22
Overcoming Barriers to women s philanthropy EDUCATION the key For development staff For administration For women donors Think about giving in a different way! 23
The 6 C s of Women s Giving 1 2 3 4 5 6 Change Create Connect Commit Collaborate Celebrate 24
Women not usually motivated by: Public recognition Obligation to others Peer pressure competition 25
Lifestage Analyses Traditionalist (b.1910 1930) Silents/New Older Women (b.1930 1945) Boomer Women (b.1946 1964) Generation X/Buster Women (b.1965 1980) Generation Y (b. after 1981) Millennials (b. 2000-26
Boomer Women. Influences: 1960 s; civil rights; women s movement; protests; Vietnam; careers Values: Family, community, individualism, always question Giving: little loyalty; change; leverage; accountability; with or without partner Approach: Partner with them, make a difference; network 27
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 28
Women Entrepreneurs Influences: make it in a man s world; career/family choices Values: self; money; next generation of young women; children Giving: need for education; want recognition; see results; leverage Approach: involve; communicate; business like; recognize, entrepreneurial 29
Buster (Gen X) Women. Influences: Watergate; technology; peace; end of war; jet travel; divorce; Berlin Wall Values: consumerism; quality of life; healthy living; rapid change; demand balance Giving: want involvement; proactive in selection of gift recipients Approach: not singled out as women; networking as business contacts 30
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 31
Basic principles of women s philanthropy. Identify Communicate Build relationships Motivate Develop Educate Ask for commitment Steward 32
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 33
Characteristics of Today s Women Givers Intergenerational wealth = $41 trillion Higher education, employment Financial knowledge, autonomy Inheritance and property rights Women have unprecedented power to make change. 34
Thank you! Abbie J. von Schlegell, CFRE abbie@abbievonschlegell.com www.abbievonschlegell.com 410-908-9068
About a. von schlegell & co fostering the art of philanthropy Leadership annual giving and major gifts strategies Development planning studies and assessments Campaign readiness and Capital campaigns Board training and assessments Advancement coaching Women s philanthropy Based in the Berkshires in western MA