Fund (It) Forward
By Alana Elsner
The concept is simple: Pay it forward. Whether you believe in cosmic karma, enjoy doing humanity good, or simply loved that Kevin Spacey movie, the idea of helping another person is ingrained in many of us. Rather than rely on that spare bit of change to make a difference, financially-savvy funds have risen to empower investors to change society. At the forefront of today’s socially conscious investing is the Women’s Funding Network (WFN), an organization composed of 128 philanthropies, seeking to transform the world through women.
Why Women Hold the Key
Since women throughout the world are disproportionately affected by poverty, lack of education and violence, a female-centric approach is the key to creating lasting solutions. Women make up more than half of the population, and more women are the head of their households each year, serving as role models and educators of their children. This population is too large to be marginalized.
In the words of U.N. Secretary General Ban Ki-Moon, investing in women has a multiplier effect on productivity and sustained economic growth in society. This is why the Women’s Funding Network uses solutions created by women for women. Their model is simple: help the woman, help the community.
United they Stand
Unlike other philanthropies, the Women’s Funding Network engages women in the conversation and as donors and members. WFN uses a systematic approach to maintaining and sustaining their impact. It strives to change policies and systems throughout the world that inhibit women’s growth.
In addition, the member organizations—a diverse group working together across a spectrum of issues—individually empower women to succeed. Some groups help women start their own business and thus help build their communities. Other organizations improve access to education and healthcare. Regardless of the organization’s objective, each gives women the tools—not just the money—to succeed. For example, a member organization in Miami-Dade County teaches financial literacy to women in “Little Haiti.” In this Miami community, where poverty is over 45%, the local organization helps them gain control of their finances, connects them with financial organizations and even helped the women save thousands of dollars on their 2006 tax returns.
Charity Begins At (or Close to) Home
Lest you think women in New York are simply the philanthropists, exempt from financial struggle, bear this in mind: a recent report published by the Institute for Women’s Policy Research shows that women in New York are worse off economically than they were twenty years ago. About one in every eight New York women lives below the poverty line. So the next time you find yourself wondering where to spend your charitable dollars, think about the women in your community, and pay it forward.
