By John R. Schneider, III
If you’re queer, there’s a good chance you’re a spender. Per Prudential’s 2016-2017 LGBT Financial Experience research report, more than 48 percent of the queer community identify as “spenders,” compared to 32 percent of the general population.
Consider these statistics:
If you’re queer, there’s a good chance you’re a spender. Per Prudential’s 2016-2017 LGBT Financial Experience research report, more than 48 percent of the queer community identify as “spenders,” compared to 32 percent of the general population.
Consider these statistics:
· The purchasing power of the queer community is close to $1 trillion.
· Same-sex couples on average earn at least $7,200 more than our straight peers.
· Only 20 percent of same-sex couples have children.
· The cost to raise a child to 18, not including college, is $245,000.
Despite our higher incomes, stronger purchasing power, and fewer
responsibilities, we
only have $6,000 more in savings compared to our straight peers and our
median household consumer debt is $28,000.
Equality Rights
Many in the queer community are concerned about how the Trump
Administration. We don’t yet know the full effects of the new administration. This
is why queer spenders need to become queer savers.
A pillar of a strong queer community is financially strong queer individuals.
Financial strength gives us both the money and time to continue to fight for
equality. We must fund the organizations and causes fighting for equality. We
must donate our time and presence to these causes.
We can’t be distracted by student loans or mortgages for the sake of
our financial independence and civil rights. The financially
stronger we are as individuals, the stronger we are as a community and the
better equipped we are to fight for equality.
State-Level Risks
Many state-level still have outdated language and rely on old
precedence. Many still discriminate against queer people, such as preventing
trans people from officially using the gender with which they identify.
28 states lack
non-discrimination employment protections for gays and lesbians. Only 14 of
those states include trans protections. While we can legally marry in all 50
states, we can be fired in 28 without recourse for putting pictures of our
spouses on our desks.
Because of these risks, we must become savers and adequately
fund emergency savings accounts. Traditionally we should save between three
to six months’ worth of living expenses in this account. Queer people who live
in states with fewer protections should save at least three months’ worth.
Long-Term Care Concerns
Long-term care (LTC) includes professional help at home with basic
needs, retirement villages for more enhanced care, and assisted living for
physical assistance.
Many facilities don’t offer training on caring for LGBT people. With
the average
annual cost for a basic nursing home being $80,000, we may lose our
autonomy as we lose our health. Consequently, many queer people go back in the
closet to avoid discrimination and abuse.
Therefore, we need adequate retirement savings. We need long-term
care and life
insurance. We need durable power of attorneys and living wills.
It’s imperative that the queer community not spend all our higher than
average annual incomes. We must use our disposable incomes to fight for
equality and to protect ourselves.
