This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Despite Overall Optimism, Financial Awareness Gap Still High For LGBT Investors, According To Wells Fargo Survey

Stocks in this article: WFC

LGBT adults appear to be taking more steps to better save and prepare for retirement. On average, non-retired and retired LGBT adults report higher median net savings than the overall population. Over half of LGBT non-retirees (55%) report having a detailed retirement savings plan in place, compared to 42% of all adults. These LGBT respondents are more likely to have developed plans with a paid financial advisor (42%) while an additional 22% used web-based tools and calculators to assist in the process.

Nevertheless, concerns remain. Many LGBT respondents are concerned about saving enough for retirement (53%), and only 55% are confident they will be able to afford their current lifestyles in retirement. In a list of financial concerns, “saving for retirement” was the top concern for pre-retired LGBT respondents at 38%, followed by healthcare costs (18%) and paying monthly bills (16%).

LGBT adults with children consistently report more financial challenges, including preparing for retirement, than LGBT adults without children. LGBT with children feel less financially comfortable than those without (42% vs. 61%), and reported less confident in their financial future (40% with children vs. 68% without). LGBT with children are also twice as likely to report that high living expenses are limiting their ability to save for the future (51% with children vs. 26% without).

Almost all LGBT adults (92%) believe that within their lifetime, federal laws on survivor rights and benefits will become the same for same-sex couples as they are for heterosexual couples. Nearly half (43%) believe this will happen within the next three years, while 22% believe it will happen in the next four or five years.

Despite heightened attention to same-sex marriage and civil unions, tremendous confusion remains around transfer rights and benefits for same-sex couples. Nearly half (44%) of LGBT respondents did not know that Social Security income and benefits are not transferable to the spouse or partner in a same sex couple. Similarly, fewer than half (41-47%) of LGBT respondents correctly answered that other assets and benefits like real estate (47%), life insurance (44%) and retirement savings (41%) may be transferable depending on the state in which the same-sex couple resides. 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.

2 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,719.00 +33.27 0.19%
S&P 500 2,052.75 +4.03 0.20%
NASDAQ 4,701.8670 +26.1550 0.56%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs