Money talks: why women need to invest cash, not just time, in other women

Despite a considerable body of evidence that investing in women and girls works, actual investments in women’s rights and empowerment remain a low priority in global philanthropy. Since 2011, only 7% of all philanthropic dollars have been invested specifically in women and girls’ rights and empowerment.

Who can fill this gap? Women.

New data shows that in North America alone, women currently control approximately $18 trillion in wealth, and if they gave just 1.7% of that amount, it would add up to $230 billion in philanthropic dollars. This is approximately equal to the total amount given by all individuals last year in the United States alone.

Extending these figures to a global scale, it is possible that women could have the capacity to give $1 trillion annually by 2026. While funding on this scale could go a long way to solving some of the world’s biggest problems, in this case it will take more than money to make a real and lasting difference.

This week, Women Moving Millions (WMM) released All In For Her, calling on women of wealth to not only give generously to women and girls but also leverage their considerable resources on behalf of women and girls across the world - in the boardroom, the media and the political sphere.

WMM is a community of people committed to catalyzing resources to advance women and girls worldwide. Each member donates $1 million or more to the organization(s) of their choice. Since it was founded in 2007, WMM has been joined by 207 donors, pledging more than $500 million to various organizations and initiatives.

All In For Her calls on women to make their name visible and their contributions public. Why is this important? Because anonymous gifts do little to inspire other donors. People connect to people; they connect to the stories behind the gifts, and it has been repeatedly shown that peer to peer outreach is the most effective form of fundraising. Many women are hesitant or afraid to put their name on their gifts, especially big ones, because we live in a world where men are more likely to be viewed as generous, while women will often be seen as boastful.

That is why the stories behind the gift matter. All In For Her tells the stories of amazing women who have stepped up publicly, as agents of positive change.

“Maybe, I thought, some of my concerns around money were ones that were holding others back, and by taking a public stand on my philanthropy, I could encourage other to do the same. By announcing my gift, I was able to have a larger impact…it allowed me to step into my own power in ways I didn’t expect.” - Carol Andreae, co-founder of the Women’s Fund of Central Ohio

“It’s not about recognition, it’s about impact. You can’t inspire others by being silent.” - Mona Sinha, founding board member of the Asian Women’s Leadership University

Both Carol and Mona committed themselves to being “all in for her” with incredible results, and now Women Moving Millions is inviting all donors to do the same.

It’s time to seize this historic moment: the financial clout of women philanthropists is at an all-time high and growing. So is the conviction, backed by overwhelming evidence, that investing in women and girls is essential to solving the world’s greatest problems. Women have a unique and important opportunity to transform philanthropic priorities and set new standards of giving.

Jacki Zehner is Women Moving Millions’ chief engagement officer. She was the first woman to become a partner at Goldman Sachs and now serves as a full-time philanthropist, focusing on the social and economic empowerment of women.