Data from a China-based news app indicates that philanthropy is more on the female than male radar, a finding with global implications for the industry.

Women in China are 42 per cent more engaged in philanthropy than men, according to research that may pique the interest of advisors looking to make philanthropy a bigger, more holistic aspect of their value proposition.

The Chinese news app, Jin Ri Tou Tiao (or Today's Hot Topics), has found that 5.62 per cent of women are interested in philanthropy versus just 3.96 per cent of men.  

While the findings represent the mindset of Chinese individuals, they raise interesting points that are relevant to the global wealth management industry. Indeed, previous surveys carried out in the West suggest that women are more likely to donate to charity than men, sometimes by as much as a factor of two, the firm said.

It has been argued, for example, that charitable planning is one of the most significantly overlooked opportunities for advisors and firms today. In a recent article for sister publication Family Wealth Report, Krystal Kiley of US-based Fidelity Charitable listed “engaging female clients” as among the top reasons why philanthropy is good for business.  

Research shows, meanwhile, that women in the baby boomer generation and older give 89 per cent more to charity than men of the same age group, Kiley said, citing the Women’s Philanthropy Institute, 2012.

There could be, therefore, a slight disconnect in terms of female investors' expectations around the topic of philanthropy and other client engagement issues, versus how well this demographic is being served.

In a report launched by EY on International Women's Day this week, over two-thirds of female investors surveyed said their private banker or wealth manager does not understand their goals. (See that article here.)

“This power, and the relative complexity of their financial lives, means that women represent a huge opportunity for the wealth management industry. Yet most wealth managers view gender segmentation as being of minor importance. It is hardly surprising that many female investors feel unwelcomed and even alienated by the investment industry,” EY said.

The report also found that fulfilling personal goals was identified as the “most important investment priority” by wealthy women (40 per cent), significantly ahead of beating market performance (31 per cent). By contrast, this market-beating outcome is the key investment objective for male investors, according to EY.

Jin Ri Tou Tiao similarly noted that some researchers say women tend to view money as something that not just provides security and freedom, but also as a means to achieve their goals - more so than their male counterparts.