A new report from the Women’s Philanthropy Institute shines a light on an aspect of retirement that has been largely overlooked until now: how gender differences affect charitable giving and volunteerism at this stage of life.
The research found that most households decrease their overall spending around retirement, but generally maintain charitable giving levels — with gender differences.
Single women and married couples are likelier than single men to give, give more and give more consistently and also to volunteer at this time in their lives.
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The research, which was funded by a grant from the Bill & Melinda Gates Foundation, has implications for wealth advisors, charitable entities and donors alike, WPI said in a statement.
“The findings show that retirees continue to be generous during their retirement — even as other spending decreases — and that the way women and men address charitable giving later in life is a continuation of patterns established much earlier,” WPI’s director Debra Mesch said in the statement.
“With an unprecedented number of people retiring and women’s wealth on the rise, these findings underscore how important it is for the philanthropy community to understand how women and men give around retirement, and consider evolving their strategies accordingly.”
WPI noted that some 10,000 baby boomers will turn 65 every day through 2030, and those older than 65 now represent 15% of the total population.