COVID-19 as a catalyst for change
The COVID-19 pandemic, the economic turbulence of the last two years, and increased social activism are among the key events that have influenced women to reassess their goals, according to the UBS report Women on purpose: Values, money, and the pursuit of more intentional lives.
80% of survey respondents said they’ve reexamined what’s important to them due to the events of the past two years. As a result, three quarters are more committed now than ever to making a difference in the world, says the report.
In the last two years, 7 in 10 women have increased their philanthropic support. Of those, 53% gave more of their time, 50% donated more money, and 38% shared more of their expertise. This could mean increasing their charitable giving, using their purchasing power to support companies and brands whose values align with theirs, changing to jobs or careers that have more meaning, or finding more time in their already busy lives to be of service to others.
Women inspired, and enabled, to take action
COVID-19 changed the relationship many women have with their careers and finances, according to a 2021 UBS Investor Watch Pulse survey, and the struggles they endured inspired them to take action. “I already had compassion. But the pandemic made it more urgent to do something while there is still an opportunity,” said a respondent of the Women on purpose survey.
Importantly, women are in a better position do so. As their philanthropic inclinations have grown, so has their wealth. As of 2020, women in the US controlled $11 trillion, about a third of financial assets, and that number is expected to reach $30 trillion by 2030, says the report.
While many women are stepping into the role of powerful changemaker, there is still a great opportunity for even more women to do so. The survey found that half of all women in relationships defer to their spouse on money matters, and single women reported feeling less confident than single men in making financial decisions. Meanwhile, 92% of women said they believe that being involved in financial planning can enable them to make more of an impact. The consequence of this disconnect is that women may be less equipped to tap into their financial power to make a greater difference in the world.
Bring your philanthropic vision to life
There are many ways to make philanthropy a part of your life. Here we recommend a few steps to get you started.
1. Identify your interests and intentions to maximize your impact. Being thoughtful and strategic about your philanthropic interests and intentions can increase the impact of your current charitable activities and enhance your family legacy for years to come. Leverage the open-ended questions in the Realizing your Philanthropic Vision worksheet to help you begin to formulate and refine your philanthropic strategy.
2. Align your passions and philanthropic purpose. The UN adopted 17 Sustainable Development Goals (SGD) as a universal call to action to end poverty, protect the planet and ensure all people enjoy peace and prosperity by 2030. The SDG Conversation Kit gives you everything you need to explore the 17 goals help you focus and maximize your philanthropic impact locally, nationally and globally—whether you are just starting out or have years of philanthropic experience.
3. Develop a philanthropic plan. Adopting a planned approach and working with your UBS Financial Advisor improves satisfaction with the effectiveness of your giving. Use the Strategic Planning for Philanthropy worksheet to develop a plan that can help accelerate your philanthropy, create more impact, and ultimately make you feel more fulfilled in your giving.
4. Select nonprofit organizations to support. With over 1.5 million registered nonprofit organizations in the United States, it’s easy for donors to feel overwhelmed when deciding which causes and organizations to support. Use the Giving for Good worksheet to help ensure that your funding is strategic, impactful and in alignment with your mission.
Main contributor: Kerry Breen
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