In this Money Matters report, Time Warner Cable News’ Tara Lynn Wagner looks at a new survey that focuses on the financial experience of the LGBT community.
Since the last time Prudential studied the LGBT financial experience, a lot has changed. With marriage equality now the law of the land, the rate of marriage has tripled from 8 percent in their 2012 survey to 30 percent in 2016. Having those marriages recognized by the federal government makes financial planning for same sex couples a lot easier.
"There's been a simplification on a number of issues, from taxes to insurance to benefits," says Kent Sluyter, CEO of Prudential Individual Life Insurance
But the survey also hit upon some deep money concerns that came as no surprise to Glennda Testone of the LGBT Community Center.
"People are worried about their finances, they're struggling to make ends meet, they know that they are not fully protected federally for being LGBT people,” Testone says.
While many of the concerns aren't unique to the LGBT community, retirement planning for instance, they tend to be compounded by other factors."
"Discrimination, getting fired from a job, being paid less, especially transgender members of the community, women in our community who are paid less than men and even less than straight women," Testone says.
Prudential's numbers bear this out. Among those polled, the average salary for a heterosexual male was over 83 thousand dollars compared to roughly 57 thousand for a gay male. Heterosexual women made about 6 thousand more than what lesbian women reported earning. There is also a gap when it comes to seeking financial advice.
"They want to address that gap but they are really struggling to figure out where to turn,” Sluyter says.
"It's incredibly important that the finance professional we work with know our community, that they know the regulations, that they know the barriers and they know the opportunities,” Testone says