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What’s the state of LGBTQ financial wellness?
Financial insecurity affects our relationships, our performance at work and our physical and mental health. So, what can we do to understand and address the current state of LGBTQ financial wellness? Aid your financial wellness with a free copy of the 7-Step Credit Card Debt Slasher here.
Hear Prudential’s views on the state of LGBTQ financial wellness:
Prudential on the state of LGBTQ financial wellness
Josh Stoffregen is the VP of Global Communications & Workplace Solutions at Prudential Financial. He joined the team in 2009 and served as the project lead for the firm’s 2012 LGBT Financial Experience Survey. Josh was also the President of Prudential’s enterprise-wide LGBT organization from 2010 to 2014. Today, he joins us to share the findings of the company’s latest research, the 2018 Financial Wellness Census and its sub-study of diverse populations, The Cut.
Josh walks us through the numbers, discussing the areas where the queer community has progressed in the last ten years as well as our remaining challenges when it comes to financial wellness. He reflects on what’s preventing the general population of the US—and the LGBTQ community specifically—from achieving financial security. Josh also offers insight into Prudential’s approach to recognizing the queer community year-round and covers some of the company’s upcoming LGBTQ events and partnerships. Listen in to understand Prudential’s latest data around the state of LGBTQ financial wellness and learn how financial stability improves other aspects of your life, including your overall mental and physical health!
LGBTQ respondents own fewer financial products, including retirement accounts than the general population. - Josh Stoffregen of PrudentialClick To TweetTopics covered on the state of LGBTQ financial wellness
How Prudential’s Financial Wellness Census differs from previous studies
- LGBT Financial Experience Survey in 2012, 2016
- A comprehensive look at unique populations (i.e.: African American, LGBTQ)
The statistics demonstrating the challenges of the LGBTQ community
- Only 27% had employer-sponsored retirement savings
- 50% of LGBTQ respondents unbanked
What’s preventing the queer community from achieving financial wellness
- Lack of education around unique needs
- Other issues stand in way (e.g.: job discrimination, housing)
Josh’s take on how to connect with the LGBTQ community
- Relationship between money and physical + mental health
- Build a foundation, then create a path to/through retirement
Josh’s insight on the general differences between men and women
- LGBTQ women are more confident about reaching financial goals (despite the gender pay gap)
- LGBTQ women are more likely to be married + have kids
The overall trends in the LGBTQ financial experience since 2009
- Significant progress has been made but we’re ‘not there yet’
- Marriage equality introduced new opportunities
The financial struggles of the general population of the US
- 66% to 80% of Americans living paycheck to paycheck
- 69% have less than $1,000 in savings
How Prudential identified LGBTQ respondents for the survey
- Rely on self-reporting to collect a valid sample
Prudential’s approach to recognizing the LGBTQ community
- Year-round partnerships + sponsorships (i.e.: Business Resource Group, Stonewall Community Foundation)
- Arm advisors with the most up-to-date information
How financial stability improves other areas of your life
- Job satisfaction, better able to focus at work + morale
- Improved physical and mental health
Connect with Josh
Resources on the state of LGBTQ financial wellness
- Prudential’s Financial Wellness Census
- The Cut: Exploring Financial Wellness Within Diverse Populations
- Josh on Queer Money® EP075
- WorldPride NYC
- Prudential’s Business Resource Groups
- Stonewall Community Foundation
- Jersey Pride
- Jacksonville Pride
- Queer Money® Facebook Group
- Queer Money® Newsletter
- Subscribe on iTunes