LGBTQ Americans less confident about retirement

Pride Month celebrates the strides that the LGBTQ community has made toward equality. However, a new survey found that many in the community still lags the general population in confidence about retirement.

“The bad news is that retirement savings may not be as high of a priority relative to other financial needs in the moment,” according to Lisa Greenwald, CEO of Greenwald Research. “LGBTQ respondents are less likely to report having ever saved for retirement. This obviously rises with income, but within each income category, LGBTQ respondents were less likely to say they had ever saved.”

Greenwald was part of a June 14 online discussion of Focus on LGBTQ Americans – Results from the 2022 Retirement Confidence Survey, sponsored by the Employee Benefit Research Institute. The survey included an oversample of LGBTQ workers and retirees to better understand differences and similarities with respect to retirement-related behaviors and attitudes.