|Actor Wilson Cruz says he hopes "The LGBT Financial Experience" study is a "catalyst for conversation." Watch the video by clicking the image. |
While the study found significant differences in the financial experience of Lesbian, Gay, Bisexual and Transgender Americans, it highlighted a mutual sense of confidence in the future and overall good financial health, counterbalanced by significant concerns about retirement and equality of financial rights. For example, survey respondents cited the lack of Social Security survivor benefits for and the tax treatment of same-sex couples as the biggest issues affecting their ability to achieve their financial goals, at 69 percent and 64 percent, respectively.
The study also looked at the LGBT community’s ownership of financial products, as well as relationships with financial professionals. Nearly 40 percent of LGBT individuals and about half of LGBT couples in a legally recognized relationship work with a financial professional, similar to the general population.
“It is never too early to start saving or too late to educate yourself about these issues,” said Wilson Cruz, actor, strategic giving officer for GLAAD (Gay & Lesbian Alliance Against Defamation), and a panelist at the event. “We can empower ourselves with the information provided. I’m hoping this is a catalyst for conversation.”
Joining Cruz on the panel at the event were Prudential Chief Diversity Officer Michele Meyer-Shipp, Pat Brzozowski, diversity director with Prudential Agency Distribution, and John Myung, chief legal officer for Prudential International Insurance.
Want to learn more about the study’s findings? Watch highlights from the event in New York City, read “The LGBT Financial Experience” or read the news release. Want to talk to someone about the study? Contact Josh Stoffregen.