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Go out and enjoy life but make sure save for retirement and other financial goals before booking that European vacation. I’m all for enjoying life but it’s important to find a balance and stick to a budget. These include dining out, traveling, etc. While overspending is never a good thing, at least the respondents are aware of the areas they are likely overspending. The youngest group, ages 25-34, is most concerned with paying off debt while the oldest group, 65 and older, is most concerned with having money left over at month-end, after paying bills.
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(Photo by Michael Candelori/Pacific Press/LightRocket via Getty Images)Īs a gay financial planner I am happy to say that the biggest financial concern for the LGBTQ community, across all ages, is saving for retirement. While they can also lead to problems later in life, they are more likely to be pronounced earlier in life. Situations such as these can increase the challenges of keeping your finances together in your earlier years.
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We’ve seen large numbers of LGBTQ youth thrown out of their homes or become estranged from their families. However, 75% of respondents who were 65+ felt they had control of their financial situation.Īs a group, LGBTQ people are more likely to struggle earlier in their adult lives. That number was 44% for LGBTQ respondents age 25-34. As previously mentioned, LGBTQ respondents reported feeling less in control of their finances. As we age, many in our community improve in these areas. We are also more likely to struggle to maintain good saving habits (44% vs 38%). We are less likely to care about our credit scores (78% vs 73%), we feel less in control of our finances (62% vs 58%) and there are less of us who are contributing to our retirement accounts (45% vs 43%).Īdditionally, LGBTQ people are more likely to report bad spending habits (34% vs 28%). A deeper dive revealed negative financial attitudes are more prevalent in the LGBTQ community when compared to the heterosexual community. Fifty-two percent of respondents would describe themselves as savers. Credit card usage and motivation doesn’t diverge much between the LGBTQ and heterosexual communities. This also falls in line with the desire to increase credit limits. For the most part, the younger the respondent, the more likely he or she would be using a credit card to establish credit worthiness. Fifty-five percent of respondents reported using a credit card to build up rewards or miles. There always seems to be a conversation about which credit card everyone is using and why when the time comes to split the brunch or dinner bill. It appears our community loves credit cards.
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Members of the LGBT community are also less likely to seek out professional financial planning advice. These factors can indirectly hurt career opportunities for LGBTQ students while and add to the burden of student loan debt. The survey didn’t address those kicked out of their childhood homes or whose parents contributed less to college than they might have a straight child. This can greatly increase the average cost of living. Higher taxes and not taking the typical steps a legally married couple would normally take to achieve financial security are two big reasons.įear of discrimination pushed many in the community to live in specific parts of the country or even specific parts of a city. In addition to survey results, marriage inequality has cost some couples financially.
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Other frustrating statistics revealed in the survey include 13% of respondents reported harassment in the workplace and 12% reported being less likely to get a specific job or promotion. While this statistic is upsetting, I’m surprised that the number is this low. 62% Of The LGBTQ Community Have Experienced Financial Challenges Based On Sexual Orientation