More People Live in LGBT Households Today Than Did Four Years Ago

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The 2016/2017 Prudential LGBT Financial Experience Study is groundbreaking since it measures changes in the LGBT community between 2012 (when they did their first study) and now after the Supreme Court passed the landmark marriage equality act.

The study includes critical info and recommendations on financial and estate planning – definitely worth checking out. The link above provides key findings as well as the full report.

Highlights:

  • 47% of millennials, ages 25-37, identify as LGBT – twice as many as boomers (24%) or Gen Xers (28%).
  • Of the millennial LGBTs, 64% identify as bisexual compared to 20% gay and 15% lesbian.
  • About 30% of LGBT couples are now married compared to 8% in 2012.
  • 25% of lesbian women married in 2016, compared to 9% in 2012.
  • 17% of gay men married in 2016 compared to 6% in 2012.
  • 41% of bisexual women and men married in 2016 compared to 12% in 2012.
  • Lesbian women earn less than heterosexual women, reporting an average annual salary of $45,606 vs. $51,461.
  • Gay men reported earning an average of $56,936 compared to heterosexual men who earn $83,469.

Glennda Testone, executive director at the LGBT Center, said financial planning is the next step in advancing the LGBT cause.

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