As with their straight counterparts, women in the gay community are significantly more concerned than their male counterparts on most of these personal issues.
More than their financial situation, paying down debt or retirement, the Affluent LGBT investor ranks health issues among their primary personal concerns, according to a new study conducted by Spectrem’s Millionaire Corner.
It is not surprising respondents would focus on health issues. Those in the LGBT community have faced denial of coverage or being charged higher premiums because of a pre-existing condition or because of their sexual orientation.
More than two-thirds (67 percent) Affluent LGBT investors surveyed expressed the most concern about the health of their spouse or partner, while 65 percent said they are most concerned about having someone to take care of them in their senior years. Six-in-ten (62 percent) said that they are most concerned with their own health and 58 percent ranked assuming responsibility over aging parents atop their personal concerns. More than half (55 percent) are most concerned about a family health catastrophe.
In comparison, 63 percent overall said they are most concerned about maintaining their current financial position, and nearly half (50 percent) are focused on the financial situation of their children.
Four-in-ten (41 percent) Affluent LGBT investors surveyed said they are most concerned about getting adequate help and advice to help them achieve their financial goals. Most pressing to 37 percent was the possibility of either losing their job or their spouse or partner losing theirs.
Purchasing a home or paying off the mortgage is the primary personal concern for 36 percent of respondents. This was followed closely by financing their children’s education (31 percent), paying off college and/or other loans (29 percent and legacy transfer (28 percent). Just over one-third (34 percent) said their primary personal concern is using their wealth to help others.
As with their straight counterparts, women in the gay community are significantly more concerned than their male counterparts on most of these personal issues. For example, nearly two-thirds of women are concerned about being able to retire when they want to, compared with 53 percent of men. Women, no matter the orientation, face unique obstacles that impair retirement readiness, including salary inequality and time away from the office to serve as parent or caretaker, both of which are a drain on saving for retirement.
Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.