Prudential’s LGBT Financial Experience Survey
If you’ve ever wondered who makes up the rock star research team behind Prudential’s LGBT Financial Experience Survey or how they use their results, today is your lucky day! We dive deep into this information-packed LGBT study with two of its authors, Josh Stoffregen and Supriya Sanyal.
The minds behind Prudential’s LGBT Financial Experience Survey
If you are a regular guest Queer money™ Listeners, you know that Prudential’s LGBT Financial Experience Survey is an oft-cited source of information. Who conducted this study and how do you assess the results?
Josh is Vice President of Global Communications – Retirement at Prudential Financial. He has been with the company since 2009 and was project lead for Prudential’s inaugural LGBT Financial Experience Survey in 2012. Supriya joined Prudential Financial in February 2014 and serves as Director of Audience Insights – Global Strategic Research. As a market research expert, her expertise lies in providing results-oriented, data-driven insights to business-to-client and business-to-business customers.
Today, Josh and Supriya provide insight into the results of Prudential’s LGBT Financial Experience Survey, explaining the inspiration behind the study, what it took to compile the data, and the differences between the 2012 and 2016 results. They discuss what’s behind the disparity between the financial situation of gays and straights and why such a high percentage of the LGBT community considers themselves to be “spending spenders.” Listen to understand how retirement is changing and why you should seek the help of a financial advisor to “make the most of what you have, whatever you have.”
Topics covered in Prudential’s LGBT financial experience survey
The inspiration behind Prudential’s LGBT Financial Experience survey
- Examining marginalized communities since 2000
- Women, African Americans, Hispanics, Asians
- An LGBT study was started in 2012
- White Papers 2013, 2015 (after Windsor and Obergefell decisions)
- Data updated in 2016
What it takes to compile Prudential’s LGBT Financial Experience Survey data
- Requires a cross-functional business team
- Questions that shed light on individual concerns and create added value for the company
- Collaborate with external partners (e.g. LGBT Community Center of NYC, HRC)
- Integrate the people, diversity and inclusion team
- Make sure the information is useful and responsive to the needs of the community
The differences between the results of 2012 and 2016
- Marriage rate increased (long-term partnerships legalized)
- Growing number of LGBT families with children
- Joint effort to capture the full diversity of the LGBT population
What lies behind the disparity between the financial situation of gays and straights?
- LGBT respondents tend to be younger than Gen-Pop
- Financial crisis among LGBT youth without family support
- Issues of implicit bias in the workplace (pay gap based on gender, sexual orientation)
- A significant portion of the community is made up of people of color
Why a higher percentage of the LGBT community consider themselves “financiers.”
- 48% (versus 32% of the Gen-Pop group)
- Perhaps due to the lower marriage and child rates
- May not be able to save and is focused on making ends meet
- Higher cost of living in the urban core
Why LGBT couples tend to do better financially than individuals
- Decisions affect two people
- Long-term thinking
How should we interpret the data on LGBT people who are afraid of a lack of savings?
- “Everyone is worried”
- Heterosexuals are only 10% more likely to say they are willing to make smart financial decisions.
How financial service providers can support people with financial planning
- Education about small steps that have a big impact
- Online digital tools help assess how much is needed for retirement
- Representation of the LGBT community in the media
- Aging tool that helps people see themselves in the future
The changing face of retirement
- People stay active even after retirement and live longer
- Take control of your own retirement or rely on your employer
- I can no longer rely on Social Security
The importance of having a financial advisor
- Help “make the most of what you have, whatever you have.”
- Want to help achieve financial goals?
What’s next for Prudential’s LGBT Financial Experience Survey?
- New research model
- Compare data across all audiences simultaneously
- Understanding of individual groups
- Compare different population groups
How Prudential uses the information
- Train consultants
- Collaborate with community groups (such as the National Gay and Lesbian Journalists Association).