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Women and the Great Wealth Transfer with Sharon Epps
Episode 522
You’ve heard of the Great Wealth Transfer taking place as Baby Boomers pass away, but did you know that women will inherit the majority of those assets?
It’s true. The Great Wealth Transfer is really horizontal, with widows inheriting most private wealth before it’s passed on to the next generation. Sharon Epps joins us today to talk about how women should prepare.
Sharon Epps is the president of Kingdom Advisors, our parent organization. Kingdom Advisors is a group dedicated to training financial professionals to guide and advise you according to biblical principles.
Women as the Primary Inheritors
One surprising fact is that women will inherit the majority of this wealth. Since women typically outlive men by about six to seven years, nearly 70% will experience widowhood and manage their spouse’s share of assets.
In addition to inheriting from their husbands, many women will also receive an inheritance from their parents, and, increasingly, they are generating their own income through employment. This convergence of income streams will place an estimated two-thirds of U.S. assets—around $30 trillion—under women’s control by 2030, according to McKinsey & Company.
The Heart of Generosity: Purpose, Passion, and Plan
The wealth transfer isn’t just about financial assets; it’s a significant opportunity for generosity. Three key factors inspire generosity: purpose, passion, and planning.
- Purpose: A strong sense of purpose can motivate people to give more. Research from Women Doing Well revealed that women who score high on purpose tend to donate around 14% of their income, compared to 9% for those with lower purpose scores.
- Passion: Passion for a cause often stems from personal experiences of pain or suffering. This deeply held belief leads people to make sacrificial giving decisions. When people align their hearts with God’s, they are inspired to give courageously and with conviction, connecting their generosity to meaningful experiences.
- Planning: Effective financial planning is essential for generosity, especially for women who aspire to give more but may lack the structure to manage their finances for greater impact. Financial planning and passion must work hand-in-hand to create a lasting legacy of giving.
Building a Generous Legacy: Preparing for Wealth Responsibility
With the responsibility of managing inherited wealth, women must be equipped with spiritual foundations and financial wisdom. Three main influences support women’s generosity:
- Understanding that God owns it all.
- Personal spiritual disciplines like Bible study and prayer.
- Receiving teaching on stewardship.
When women embrace these principles, they can approach wealth with a mindset of stewardship rather than ownership, seeing it as a resource to bless others.
Women and Collaborative Giving
Women often approach giving differently than men, preferring collaboration and community. Studies from the National Christian Foundation show that women are twice as likely to participate in collaborative giving, pooling resources with others to maximize their impact. Women seek transformational experiences rather than merely transactional ones, often using giving as a means to disciple their families and build
Published on 1 year, 1 month ago