Study Shows LGBT Community Overcoming Challenges To Build Wealth Faster – Forbes
The LGBTQ+ community has been building wealth faster than other groups new research shows.
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You may be shocked to hear that wealth creation is happening at a faster pace among diverse communities, including the Black, Latino, and specifically, the LGBTQ+ communities, compared to the general US population. This is according to new research from Merrill Lynch. As a gay financial planner who works with many people from these groups, this is great news.
The study focused on “affluent households,” which, according to the three reports from Merrill Lynch, means US households earning more than $125,000. According to the diversity reports, affluent Black households have increased their wealth by 65% since 2015. While Gay, Lesbian, and Transgender affluent households saw their net worth skyrocket by a whopping 76% since 2015. Latino households saw the most significant gains in wealth, with an increase of 81%. For comparison, the average “affluent” home saw its wealth grow by 53% during this time frame.
Before you pop the bottle of Dom Perignon (or your favorite celebratory beverage), there is still a pay gap based on sexual orientation, gender, and race. Furthermore, in light of the expected repeal of Roe v. Wade, LGBTQ+ rights could be more successfully attacked (they are always under some type of attack – not to sound too pessimistic).
Marriage equality has led to further acceptance of the LGBTQ+ communities in America. This has … [+]
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Financial Freedom Is a Top Priority for Gay Households
As a gay financial planner, I have seen the difference in family dynamics between my hetero clients and LGBTQ+ clients. About one-third of LGBTQ+ respondents said family members did not support them. While I believe acceptance is improving, it is not a given.
LGBTQ+ Americans tend to get married later, and if they have children, they tend to have them later in life. Additionally, the cost of starting a family for LGBTQ+ individuals is usually much more expensive on average. That being said, for same-sex couples who don’t have children, there is a lot more money to go around, which can make it easier to live a fabulous gay lifestyle while at the same time still building wealth.
About The Diverse Viewpoints: Exploring Wealth in the LGBTQ+ Community Study
The LGBTQ+ community is highly diverse, with members at the top and bottom of the income and wealth spectrums. Merrill conducted an in-depth study to help understand the …….