Women are more generous than men, new report confirms

Women are more generous than men, new report confirms

News (UK)

Giving from women exceeded giving from men in America for the first time last year.

A study of new data on gift tax returns to the Internal Revenue Service (IRS) in the US by professional services firm Grant Thornton has revealed that women gave $5 bn (£2.5 bn) more than men in 2005.  In total women gave $21.7 billion (£11.8 billion), almost 30% more than men.

In 1997, the last year that donor gender data was released, the proportion of female to male donors was similar (53.3% to 46.7%), although men gave more in total.

The IRS data also revealed differences in the kinds of assets given by women and men, with woman more likely to give cash or other gifts that are less often used as part of tax savings techniques.

Justin Ransome, a partner in Grant Thornton’s Private Wealth Services practices, said, “Gifts of cash are not necessarily the most efficient way to minimize gift and estate taxes. It’s often better to give assets that are expected to appreciate in the future or interests in a closely held business that will qualify for discounts.”

The high exemption level applicable to gift tax returns means that the data primarily captures the giving trends of the wealthy. The average female donated $154,480 and the average male donated $139,265.

The research reflects findings in Philanthropy UK’s recent report – Women & Philanthropy: inspiring women, inspired giving – which suggests that women are more thoughtful and consultative in their giving, and are more likely to be personally engaged in the causes they support.

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