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MassMutual’s LGBTQ Financial Security Study
According to MassMutual’s LGBTQ Financial Security Study, 58% of queer people worry about money at least once a week. Do you?
The Basics of MassMutual’s LGBTQ Financial Security Study
Between February 28 and March 14, 2017, MassMutual partnered with Greenwald & Associates to conduct an online survey of middle-income Americans with a preponderance of LGBTQ people to “raise awareness of the threats and barriers facing the workforce middle class (particularly LGBTQ workers).” ‘) financial security.”
Listen to MassMutual’s LGBTQ financial security study on Queer Money:
LGBTQ people don’t feel safe and it could be our fault
Almost half of those surveyed described themselves as not very or not at all financially secure. This data is inconsistent with the perception that we are all great. Instead of being fabulous, we could just be fabulously broke. Based on MassMutual’s LGBTQ Financial Security Study, 80% of us say high debt or not enough money makes it difficult to manage household money.
What do we do about it? We don’t seem to be helping ourselves. More than half of those surveyed said that spending today is more important than saving for tomorrow. The lack of savings for tomorrow is reflected in the response, with 70% of us confirming that we are behind on our retirement savings, compared to 63% of the general population. There can be many reasons for this.
The first possible reason is that many of us may still be using our spending to make up for feelings of inadequacy from when we were younger. Another possibility could be a continued carpe diem philosophy adopted by many in our community at the height of the HIV/AIDS crisis. Another possible reason could be that a larger percentage of the LGBTQ community believes that someone or something else will take care of them later in life.
We care more about money than marriage
Ironically, even though marriage equality and its implications have received significant media and public attention over the past two years, only 28% of queer people surveyed are concerned about marriage and love. However, 60% of us are worried about our household finances, which, as mentioned above, are difficult to manage due to high debt and lack of money.
While many of us may be more concerned about living for today than preparing for tomorrow, this negatively impacts our health and well-being. 65 percent of respondents said financial worries have an impact on their health and stress levels.
Financial stress may be partly why the Center for Disease Control says gay men, bisexual men and LGBTQ youth suffer from major depression, bipolar disorder and anxiety disorders at higher rates than our straight counterparts. As The Advocate revealed in 2015, “gay men have a drinking problem” because the CDC reported that “(queer) people are more likely to use alcohol and drugs, more likely to abuse drugs, and more likely to continue drinking into later life.”
There is help
Because we work with multiple financial services companies, we’re surprised that 59% of respondents to MassMutual’s LGBTQ Financial Security Study don’t feel like financial services companies want to help “people like them.” Many firms, including MassMutual’s LGBTQ Financial Security Study and the previously reported study Enduring Legacy Surveytrying to socialize and help our community. Unfortunately, the news is neither heard nor understood.
Due to unheard or unclear outreach from financial services companies, 53% of LGBTQ people who responded to this survey are unsure where to turn for financial help and advice.
Resources for LGBTQ people
- Overcome limiting beliefs
- Avoid credit cards.
- Live below your means
- Contribute to a retirement account early and often
- Become your own boss, Become a queer entrepreneur
- Listen and share Queer money™
- Pay off student loans
The fact is that many of us aren’t living fabulous lives, we’re living fabulously broke lives, and we need to talk about it. For our individual success and that of our queer community, We need to talk more about queer money And Help more of us succeed.
More tools to live truly fabulous: