In 2014, thanks to the Supreme Court case Obergefell v. Hodges, marriage equality became the law of the land. Same-sex couples now have access to federal rights like Social Security that are only associated with married couples. We’ve made great strides with access to financial benefits and planning tools for the LGBTQ community. We still have financial challenges. According to a Prudential survey, the LGBTQ community faces a unique set of financial considerations:
- Income inequality remains.
- Lesbian women earn less than heterosexual women, reporting an average annual salary of $45,606 vs. $51,461.
- Gay men reported earning an average of $56,936, with heterosexual men earning $83,469.
- Despite agreement on the importance of saving for the future, more LGBT respondents consider themselves “spenders,”— 48 percent compared to 32 percent of the general population.
- Respondents have increased financial freedom, but 41 percent said they are struggling to make ends meet or unable to keep up with expenses.
- Respondents overwhelmingly said they need more financial knowledge to reach their goals and more than half said they’d likely work with a financial advisor whose company supported equal rights for employees.
At Lumia Wealth, we know there is no one-size-fits-all financial plan for any person. We work with you to determine your hopes for the future, what motivates you and how your wealth can help you live your life more effectively.