The report is the fourth in a series sponsored by Bank of America Merrill Lynch and conducted by the Center on Philanthropy. The report sheds light on the philanthropic attitudes and behaviours of wealthy donors.

The research also studies the gender differences between high net worth men and women in relation to their giving behaviours and attitudes.

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Explaining the aim of the study, Claire Costello, national foundation executive at BofA Merrill Lynch, said: "This study helps to quantify the philanthropic clout that women have and demonstrates to non-profit leaders and fundraisers the value and impact of engaging women, especially high net worth women, in the organization’s mission."

Dr. Una Osili, director of research for the Center on Philanthropy at Indiana University, says that women’s involvement and impact in philanthropy has important implications for the non-profit sector.

"Charities need to better understand the different motivations that drive high net worth women’s philanthropy, their more strategic approach to giving, and their desire for a deeper, more collaborative experience with the organizations they support," he adds.

According to the study, 78% of women create an annual giving strategy and/or budget, as compared to 72% of men.

At 66%, women are more likely than men (49.8%) to give to charity because they volunteer at the organization.

Charities that set an example for young people get more donations from women than men (44% vs 25%).

Personal experience with a non-profit (women: 82% vs men: 73%) and the organization’s ability to communicate its impact (women: 46% vs men: 32%) are important factors to donors when making charitable giving decisions.

According to the study, high net worth women are more likely to give philanthropically when they believe their donation will make a difference and when an organization is efficiently run.

The study also cites reasons why women might stop giving to a non-profit they previously supported. According to the study 49% women are more likely than men (41%) to stop giving because of too frequent solicitations or solicitations that asked for an inappropriate amount.

Other reasons include change in the household (women: 31% vs men: 28%) and change in the leadership or activities of the organization they supported (29% for both).