But thereâs at least one area where young women appear to be more confident with their money than young men: Charitable giving. Millennial men are more likely to question whether theyâre donating to the right causes and are more hesitant to put their money behind charities that their family and friends are unfamiliar with, according to a survey of more than 3,000 people who donated to charity in 2015, published by Fidelity Charitable this week.
Those findings jibe with what we already know about the differences between the ways men and women approach philanthropy, according to Debra Mesch, the director of the Womenâs Philanthropy Institute at Indiana University-Purdue University Indianapolis. Women tend to be more invested in the causes they donate to, whereas men are more likely to simply write a check, she said.
âWomen in general just have more confidence because they are more involved, they do more research, they volunteer more in the organizations which they donate to,â she said. âAnd so they feel that âIâm OK donating to this cause or I feel that I know the organization.ââ
Women often do more research into their causes because their motivations for giving are different than those of men, Mesch said. Feelings of altruism and empathy are often what move women to donate, whereas men are typically driven by interests that are a bit more self-serving, like a tax break or a high return on investment, she said.
But despite the time and effort that young women often dedicate to researching their causes, they appear to be less content with their donations. Roughly 55% of millennial women said theyâre satisfied with their giving compared with 63% of millennial men, the Fidelity study found. Mesch said that finding echoes other research indicating women often feel they could be more charitable than they already are.
âWomen in general feel that they should be doing more, that they should be giving more and so as a result, theyâre not exactly satisfied with their level of giving,â she said.