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What is the state of LGBTQ financial well-being?
Financial insecurity affects our relationships, our work performance, and our physical and mental health. So what can we do to understand and address the current state of LGBTQ financial well-being? Support your financial well-being with a free copy of 7-Step Credit Card Debt Reduction Here.
Hear Prudential’s views on the state of LGBTQ financial well-being:
Prudential on the state of LGBTQ financial well-being
Josh Stoffregen is VP of Global Communications & Workplace Solutions at Prudential Financial. He joined the team in 2009 and served as project lead for the company’s 2012 LGBT Financial Experience Survey. Josh also served as President of Prudential’s corporate LGBT organization from 2010 to 2014. Today he joins us to share the results of the company’s latest research, the 2018 Financial Wellness Census and its sub-study across diverse populations, The Cut.
Josh walks us through the numbers and talks about the areas in which the queer community has made progress over the last decade, as well as our remaining challenges when it comes to financial well-being. He thinks about what prevents the general population of the United States – and the LGBTQ community in particular – from achieving financial security. Josh also offers insights into Prudential’s approach to recognizing the queer community year-round and shares some of the company’s upcoming LGBTQ events and partnerships. Listen in to understand Prudential’s latest data on the state of LGBTQ financial well-being and how financial stability improves other aspects of your life, including your overall mental and physical health!
Topics covered regarding the state of LGBTQ financial well-being
How Prudential’s Financial Wellness Census Differs from Previous Studies
- LGBT Financial Experience Survey 2012, 2016
- A comprehensive look at unique populations (e.g. African American, LGBTQ)
The statistics show the challenges faced by the LGBTQ community
- Only 27% had an employer-sponsored retirement plan
- 50% of LGBTQ respondents do not have a bank account
What prevents the queer community from achieving financial well-being?
- Lack of information about individual needs
- Other issues get in the way (e.g. workplace discrimination, housing)
Josh’s take on how to connect with the LGBTQ community
- Connection between money and physical + mental health
- Build a foundation and then plan a path to/until retirement
Josh’s insight into the general differences between men and women
- LGBTQ Women Are More Confident About Achieving Their Financial Goals (Despite the Gender Pay Gap)
- LGBTQ women are more likely to be married and have children
The overall trends in the LGBTQ financial experience since 2009
- Significant progress has been made, but we are “not there yet”
- Marriage equality opened up new possibilities
The financial problems of the general population of the USA
- 66% to 80% of Americans live paycheck to paycheck
- 69% have savings of less than $1,000
How Prudential identified LGBTQ respondents for the survey
- Rely on self-certification to collect a valid sample
Prudential’s approach to recognizing the LGBTQ community
- Year-round partnerships + sponsorship (e.g. Business Resource Group, Stonewall Community Foundation)
- Equip your advisors with the most up-to-date information
How financial stability improves other areas of your life
- Job satisfaction, better ability to concentrate at work + work ethic
- Improved physical and mental health
