Women have long been the quiet power in philanthropy, but they are becoming even more important, more visible and more powerful — as donors with significant independent wealth, leaders, professionals, founders, venture capitalists and societal changemakers.

By 2030, women will control nearly $4 trillion in assets (let that sink in!) and yet, little research exists into the decisions they make when it comes to philanthropy and the causes that matter to them.

The 2023 TD Wealth and Private Giving Foundation report, Trust and Transformation: Canadian Women and Philanthropy, demonstrates the strong interest of women in advancing systemic change and the importance of trust in how they approach their philanthropy and their work in the sector. The women interviewed for the report noted that in the absence of more systematic evidence, they place considerable trust in the experiential information provided by colleagues and friends as guidance in their pursuit of new directions in philanthropy.

Susan Phillips, professor in Carleton’s Master of Philanthropy and Nonprofit Leadership program and past graduate supervisor is leading a new initiative at Carleton, focused on strengthening and producing research that can help women make decisions about giving.

"From the bit of research that we have, women are more likely to do their due diligence, they engage with organizations before they give, and they're more likely to give to advocacy and international causes," says Susan.

The TD Trust and Transformation report also found that specific priority areas resonate more with women versus men. The top three causes that women support are mental health support and research, medical research and treatment and climate change and the environment.