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The number of women who are in work and have gained a college degree has tripled from 1970 to 2008, and as women gained a better education, their income – and spending power – also began to increase. In the US, women’s spending power ranges between $5 trillion and $15 trillion, and women also account for over 85% of all consumer purchases.

With increased wealth, women are also able to give more money to charitable causes or to make philanthropic donations, which research shows they are more likely to do than their male counterparts.

When divided into groups based on annual earnings, research has found that women are more charitable across all income levels. In the majority of cases, women give much more than men, often donating between 92% and 95% more – and not only are women more likely to give, but they also give much more when they do.

Research has shown that this female generosity is in part due to the way that women are socialised, which emphasises and encourages empathy. Being able to understand the circumstances of those who are less fortunate seems to result in higher charitable donations, as women – including Joey Horn, who supports a number of charities – like to feel that they have contributed and made a real difference.

Females and female-led households are more likely to donate to charities that work with youths, homelessness, food assistance, family services, emergency relief and legal aid. Men, on the other hand, are less likely to give to these categories, preferring instead to support sports, civil rights, veteran’s aid and adult recreation. Studies have found that, as a general rule, men donate in order to maintain the status quo or to serve their own interests or to improve their own environment, whereas women prefer to make donations that will promote social change or help those who are less fortunate – all with the aim of making a difference to someone in need.

In almost all circumstances women donate more – and more often – to charity. However, workplace charitable giving is one area where men are more generous than women. It is believed that this may be because men feel the need to support their employer, perhaps also wishing to impress them with high donations – whilst women prefer to donate to the charities and organisations of their own choosing.