The Great Wealth Transfer is coming. For some, it’s already here. With an estimated $124 trillion in wealth projected to change hands by the year 2048, an influx of inherited wealth is coming to a young generation. Because that wealth is going primarily to women, we talked to Kim King, author, NCF giver, and encourager of women, to learn more.
Members of the Silent and Baby Boomer generations are set to pass down their historically unmatched wealth to their female spouses, Gen X, and Millennial heirs. The result? A potential life-changing amount of money will be entrusted to women across the country.
Women Doing Well predicts that 95 percent of women will eventually become the primary financial decision makers for their families. And by 2050, it’s predicted that women will control an estimated $30 trillion in intergenerational wealth alone.
The impact of women givers
When Kim began her own giving journey, she found herself with more questions than answers. So, she went in search of resources she soon discovered didn’t exist. This realization led to a career shift to focus on supporting women givers.
After working for 30 years as an attorney and executive, Kim retired early to pursue her passion for writing. In 2017, she released When Women Give: The Adventure of a Generous Life, a book designed to support, encourage, and guide women with inherited or earned wealth toward intentional generosity.
Kim knows women with wealth have the potential to make a major impact on the world at large. Nearly two-thirds of charitable capital is already being given by women. When asked what they hope to do with their resources, women of all demographics said they plan to continue to prioritize investing for positive impact.
In short, women with more money to give are more likely to give it to support leaders, nonprofits, and investments that share their values. And by all accounts, they will! According to Forbes, thanks to the Great Wealth Transfer, “women have a window opening now to prepare, act, and make their mark on the future.”
The problem? Few women feel certain where and how to direct their funds.
According to Women Doing Well, only six percent of Christian women say they feel confident or equipped when it comes to giving. With so much wealth falling into predominantly female hands and so much potential for incredible generosity as a result, there’s a significant need when it comes to walking alongside female givers.
So, the question is: How can women grow in confidence to make a greater impact with their generosity?
Kim has some answers.
Women-specific pain points in giving
“God really spoke to me about how generosity is part of our calling and purpose in life,” Kim recalls. “After that, I wanted to find a book that would show me how do that wisely.” Her search, however, led her to a major gap in the Christian market. “At the time, there seemed to be nothing uniquely by women or for women in the field of generosity.”
Rather than wait for someone else to fill the gap, Kim felt the Lord tell her to start writing. “I heard the Lord prompt me, ‘Kim, why don’t you write the book?’ How was I going to argue with that?”
As more and more women will be looking for resources to help them grow in generosity, now more than ever a voice like Kim’s is incredibly valuable. For her, this is a unique opportunity to equip the next generation of women to make generosity a banner over their wealth. To do that, she recommends narrowing the focus to consider the pain points, passions, and goals that are personal to female givers.
“Whether they’re raising kids, working, or both, time is a commodity that’s hard to come by for most women,” Kim says. “That means generosity can be less of a priority because time is so limited.”
With this increased list of priorities and a limited timetable comes an increased sense of anxiety as well. “Anxiety in women is another hindrance to giving,” Kim says. “They worry about not having enough for their family’s future needs, and that can hold them back from giving with full freedom.”
Simply put, women are carrying the weight of their worlds – both what we can see and what we can’t. “Women are balancing the needs of so many people that there is a hesitancy to be generous,” Kim explains. “That combined with limited time and lack of knowledge on how to make generosity a part of their daily lives makes for a major hurdle when it comes to giving.”
Solutions for women givers
To address these unique challenges, she suggests women seek out advisors, communities, and mentors to guide their giving in a way that speaks directly to them as women. As a giver herself, Kim knows firsthand how partnering with an organization like NCF can help women do just that. “NCF is aligned in heart and vision with the Christian faith,” Kim says. “They combine the why and how of giving in a great way and can be a secure partner to help you give in full faith and dependence on God.”
Her first piece of advice? Set up a donor-advised fund (a Giving Fund at NCF). “A donor-advised fund helps you have structure and discipline to give,” she says. “It can open your eyes to new places and new ways to give.”
Next, Kim encourages female givers to look for guidance. “I can’t encourage women strongly enough to find a Christian financial advisor who supports their giving and can guide them toward faithful generosity.”
She also recommends women evaluate where they want to direct their gifts. “Women have such unique, personal passions and purpose, so it’s important to align their giving to that,” she says. “Look for ministries that align with your personal mission and heart. And, of course, look for ones willing to develop personal relationships and stewarding for all givers, not just men.”
As community is an incredible part of the Christian faith and the wiring of women, Kim also encourages women with wealth to find a community of others who are giving in a similar way. “Impact investing is great for women,” she suggests. “It allows you to be part of a community of women investing together rather than trying to do it all on your own.”
Finally, Kim encourages women to recognize their God-given gifts, but not in financial terms alone. “Women have a tremendous opportunity to make generosity a movement. They can get passionate about what the ministry is doing and want to make sure it survives and grows. They see a long-term plan and commitment to a cause.”
Called to give
For those inheriting wealth in the coming years, Kim’s encouragement is to start thinking about generosity now. “You have more than an opportunity to give; you have a responsibility to give. God’s given this to you for a reason, so it’s your job to trust his leading with your giving.”
No matter where or how women give, she wants them to know they have a unique role to play in the story of generosity. “Giving is a source of great joy. As women, we’re invited to step into that joy in a way only we can. We’re invited to be part of what God is doing right here and right now. There’s power in any act of generosity, but I think there’s a unique power that’s unlocked when women give.”
Photo courtesy of Women Doing Well
