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While both men and women embrace impact investing, a recent report found that men are more likely to replace charitable giving with impact investments. The report comes from the Women's Philanthropy Institute and is entitled How Women and Men Approach Impact Investing. Funded by the Bill & Melinda Gates Foundation, the study also found that while 82.5% of men and 81.3% of women were aware of the nascent field of impact investing, women were more interested in learning about it. Also, women are more likely to make impact investments in addition to their current charitable giving, as opposed to replacing it. According to the report, impact investors tend to be younger, more educated, and have higher incomes, while married women are more likely to participate in impact investing than married men.