Wells Fargo: LGBTs More Confident, Confused About Financial Future
BY Neal Broverman
March 04 2013 10:50 PM ET
A new survey from Wells Fargo found that LGBT people are more optimistic about the economy than the general public, but also confused about how current law affects their retirement savings.
Polling over 1,100 adults and over 600 specific LGBT adults in November and early December, Wells Fargo found that 66% of LGBT pople are optimistic about the political direction of the country (compared to 43% of the general population) and 74% of LGBT respondents expect a stronger economy in the next two years (47% of the general public feels the same way).
Compared to their straight peers, LGBT adults are making more in-roads toward retirement savings. They report higher median net savings than the overal population, especially gay men, and 55% of all LGBT people report having a detailed retirement savings plan in place. Forty-two percent of LGBT respondents are more likely to have developed plans with a paid professional financial advisor and 22% also used web-based tools and calculators to assist with this plan, compared to 10% of all adults.
While all this sounds good, the patchwork condition of laws affecting same-sex relationships leads to uncertainty. Forty-four percent of LGBT respondents didn't know social security income and benefits are not transferable to their spouse or partner (since federal law doesn't recognize their marriage, in the latter circumstance). More than half of LGBT respondents incorrectly answered that benefits like real estate, life insurance, and retirement savings may be transferable depending on the state they reside in. "Similarily, only 36% of LGBT adults know that federal taxes on survivor assets or benefits are different for the spouse/partner in a same-sex marriage than in a heterosexual marriage," according to Wells Fargo, which offers an Accredited Domestic Partnership Advisor program to guide same-sex couple through their tax, savings, and retirement questions.
- Multiple Attacks on Gay Men in NYC, Hours After Rally
- French Marriage Equality Opponent Commits Suicide at Notre Dame
- Father of Teen Facing Felony for Lesbian Relationship Says She's Been Targeted Before
- Marriage Equality Makes Progress in U.K.
- WATCH: President Obama Tells Morehouse Grads 'Be the Best Husband to Your Boyfriend'
- Op-ed: Religion Shouldn't Be an Excuse for Discrimination
Sign Up For Email Updates
- Mental Wellness Psychiatrists' Group Names First Out Gay Leader 1 hour 59 min ago
- Arts & Entertainment Which Gay Celeb Has a Wizard of Oz Aquarium? 2 hours 4 min ago
- Women WATCH: Kathy Griffin Calls for Suze Orman for President! May 21 2013 8:29 PM
- Marriage Equality Marriage Equality Makes Progress in U.K. May 21 2013 8:25 PM
- Women PHOTOS: Stars Come Out for the LA Gay and Lesbian Center's 'An Evening with Women' May 21 2013 8:03 PM
- Video Meet the Delicious Diet Dr Pepper Dude May 21 2013 8:00 PM
- Women INTERVIEW: Vicci Martinez Speaks her Truth May 21 2013 6:34 PM