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Gay people earn more money than heterosexuals

Gay people earn more money than heterosexuals

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Published by diligentpurpose

A downtrodden minority?


A downtrodden minority?


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Published by: diligentpurpose on Dec 19, 2012
Copyright:Attribution Non-commercial


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Gay people earn more, owe less
December 6, 2012: 1:37 PM ET
Lesbian, gay, bisexual and transgender (LGBT) Americans earn more, save more and have less debt, aPrudential study shows.
Lesbian, gay, bisexual and transgender people
are better atmanaging their money than the average American, new researchshows.
They earn more, save more, have less debt and are better prepared for retirement,according to a Prudential survey of more than 1,000 LGBT respondents.Respondents not only reported significantly higherannual incomes -- $61,500 compared with thenational median of $50,054 -- but they also carriedabout $4,000 less in debt than the average Americanand had $6,000 more in household savings. Theywere even slightly more likely to have jobs in the firstplace, with an unemployment rate of 7% versus the
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national rate of 7.9%, Prudential found.A combination of factors play into this, said Michele Meyer-Shipp, chief diversity officerat Prudential. To start, LGBT individuals are generally well-educated, with more thanhalf of respondents receiving at least a bachelor's degree, and tend to live in higher-income areas, she said."It flows down -- you have a higher level of education, access to higher paying jobs inareas where there are good salaries, and more disposable income to allocate to thingslike saving and retirement," Meyer-Shipp said.
Uncertainty about the future of gay rights likely also prompts many members of theLGBT
community to be especially prudent with their money, Meyer-Shipp said.Among their top financial concerns, respondents cited a lack of Social Security orpension survivor benefits, legislation that negatively affects LGBT finances and unfairtax treatment.Thanks to the Defense of Marriage Act (DOMA), a 1996 law that defines marriage assolely between a man and a woman, same-sex couples are barred from getting manyof the same federal benefits that opposite-sex married couples receive, includingsurvivor benefits and certain tax exemptions.The Supreme Court is expected to decide whether to hear a DOMA case for the firsttime, and if it strikes down the law, these benefits would become available to marriedsame-sex couples.
"The LGBT community has unique concerns, so when you're planning you've got to bemore cautious about where you're putting your money and how much you're saving,"Meyer-Shipp said.According to the survey, LGBT people build up significantly more equity in their homes-- a median of $77,000 compared to the national median of $62,000. And, amongLGBT pre-retirees ages 55 to 68, about 65% are currently saving for retirement inemployer-sponsored retirement accounts, compared to 53% of the overall population.Yet, a mere 14% say they are confident about their financial preparedness, versus29% of the general population.Other studies conducted by the Census Bureau and Experian have come to similarconclusions about the strength of LGBT Americans' finances, but a recent Gallup pollof more than 120,000 adults conducted this summer actually found that LGBTindividuals tend to have lower incomes and to be less educated than the generalpopulation.
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Most will agree, however, that the LGBT community is a largely untapped -- andpotentially lucrative -- customer base when it comes to financial planning because ofthe complexity of their finances and unique needs.While many
are beginning to take steps to cater to this group,Prudential found that the majority, or 63%, of respondents feel underserved by financialfirms, saying that the financial industry's attention to their needs is below average."There absolutely is an opportunity here," said Meyer-Shipp.
How would your financial situation change if DOMA is overturned? E-mail blake.ellis@turner.com to share your story.
First Published: December 6, 2012: 6:01 AM ET
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This is very inaccurate. The number of people in lower socio-economic communitieswho claim to be homosexual is disproportionately lower compared to every other class. Its not
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