In the November edition of The Evidence, Josephine Lethbridge delves into a significant shift in global wealth that has the potential to reshape charitable giving. As we enter a new era, women are set to inherit trillions of dollars in what is being called the ‘Great Wealth Transfer’. This transfer of wealth is expected to have a profound impact on the world of philanthropy and could potentially change the face of charitable giving as we know it.
The ‘Great Wealth Transfer’ refers to the transfer of wealth from the older generation to the younger generation. According to a report by the Boston College Center on Wealth and Philanthropy, it is estimated that over the next few decades, $59 trillion will be passed down from older generations to their heirs. What makes this transfer of wealth unique is that a significant portion of it will be inherited by women.
Traditionally, men have been the primary decision-makers when it comes to charitable giving. However, with the rise of women’s wealth and influence, this is set to change. Women are now becoming major players in the world of philanthropy, and their impact is being felt across the globe. With the ‘Great Wealth Transfer’, women will have even more resources at their disposal to make a difference in the world.
So, what will women do with this newfound wealth? The possibilities are endless. Women have been found to be more generous and strategic in their giving compared to men. They are more likely to support causes that align with their values and have a long-term impact. This could mean a shift towards more sustainable and impactful philanthropy.
Moreover, women are also more likely to support causes that directly benefit women and girls. This is significant because women and girls have been historically marginalized and underrepresented in philanthropy. With the ‘Great Wealth Transfer’, we could see a rise in funding for causes that specifically address issues faced by women and girls, such as gender equality, education, and healthcare.
The impact of women’s wealth on philanthropy is not limited to just the causes they support. Women are also bringing a new approach to giving. They are more likely to be actively involved in the organizations they support, whether it’s through volunteering or serving on boards. This hands-on approach to philanthropy can lead to more effective and sustainable solutions to social issues.
The ‘Great Wealth Transfer’ also presents an opportunity for women to take on leadership roles in the world of philanthropy. With more resources at their disposal, women can now have a seat at the table and shape the direction of charitable giving. This could lead to a more diverse and inclusive philanthropic sector, with a greater focus on addressing the needs of marginalized communities.
However, with great wealth comes great responsibility. It is crucial for women to use their wealth and influence wisely and make a positive impact on society. This means being strategic in their giving and supporting causes that align with their values and have a long-term impact. It also means being transparent and accountable for their actions, and working towards creating a more equitable and just world.
The ‘Great Wealth Transfer’ is not just about the transfer of money; it is also about the transfer of values. Women have the opportunity to use their wealth to create a better world for future generations. They can set an example for the next generation of philanthropists and inspire them to use their resources for the greater good.
In conclusion, the ‘Great Wealth Transfer’ presents a unique opportunity for women to make a significant impact on the world of philanthropy. With their wealth and influence, women can drive positive change and create a more equitable and just society. It is up to them to use their resources wisely and make a difference in the world. As Josephine Lethbridge puts it, “Women will inherit trillions in the ‘Great Wealth Transfer’ – what will they do with it? The possibilities are endless, and the potential for positive change is immense.” Let us look forward to a future where women’s wealth is used to create a better world for all.
