Women urged to harness wealth for happiness as they inherit $3.2 trillion
Judith Fiander
Australian women are being encouraged to embrace philanthropy this UN International Day of Happiness (20 March), as they get set to inherit $3.2 trillion in the nation’s largest-ever intergenerational wealth transfer, Judith Fiander, CEO at Australian Philanthropic Services (APS) says.
“Days like this are an important reminder of the role we can play in boosting not only our own happiness, but also that of those around us and the wider community,” Fiander says.
Fiander says that while one-off donations are valuable, impact and legacy come from turning generosity into a sustained habit. Research also shows that charitable giving can improve personal wellbeing.
Research shows that 85% of people get more joy giving gifts to others than receiving gifts themselves and that giving sparks the brain’s pleasure and social connection regions, lowers blood pressure and stress, and enhances positive emotions and mental health[1]. But structured giving, through vehicles such as private and public ancillary funds, allows donors to go a step further by turning generosity into a long-term habit rather than a one-off moment,” Fiander says.
“With the intergenerational wealth transfer set to see women gain control of a significant portion of wealth, there is an opportunity to make long-term decisions about how that money can be used for the greater good.
“We want to encourage more women to get behind charitable giving, not just today, but as an important part of their financial legacy.”
Fiander says structured giving is increasingly accessible to everyday donors, as vehicles such as Giving Funds in the APS Foundation (Australian Philanthropic Service’s public ancillary fund) allowing people to build a philanthropic pool of funds that can distribute grants to charities perpetually.
“Structured giving allows individuals and families to support causes they care about over time, while seeing the impact of their contributions,” Fiander says.
“Women are often deeply engaged with their communities and causes, but many haven’t been given the tools to step into formal philanthropic leadership. Structured giving gives women the opportunity to shape how wealth is used for social impact.
“Women give across a wide spectrum of issues but are often more likely to apply a gender lens to the causes they support, helping to drive broader social change. We also know that over the past decade, women have given a greater proportion of their income, and so as awareness of structured giving grows, so too will their ability to drive change.”
Structured giving can also encourage a conversation about legacy. Many donors use philanthropic structures to involve children and family members in decisions about where funds should go, helping build a culture of generosity across generations.
“In a world where so many people are searching for purpose, giving can be one of the most rewarding ways to find it,” Fiander says.
“Structured philanthropy simply provides the framework to make that generosity go further, and on a day dedicated to happiness, that long-term perspective matters.”
APS works alongside sector partners such as the SheGives initiative and Australians Investing in Women, to help more women direct their resources toward the causes they care about.
“International Day of Happiness, and every day, is a timely moment to recognise and celebrate the impact of philanthropists and to encourage more Australians to consider how they can give tax effectively now through a structure and leave a legacy for future generations,” Fiander says.
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