Study: Gays, lesbians in better financial shape

(Associated Press)

(Associated Press)

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A new study on the financial health of the lesbian, gay, bisexual and transgender community finds that, as a group and compared with the general U.S. population, it has higher median and household incomes, better pay parity between men and women, higher employment and more spending money.

The study, “The LGBT Financial Experience,”was conducted by Prudential, which surveyed 1,401 LGBT individuals across the country aged 25 to 68 in August.

Prudential, which along with other financial services providers clearly sees the LGBT community as a growing market, says it conducted the “baseline study” to gauge the group’s financial prowess amid the country’s economic challenges.

“The research findings are eye opening and dispel common perceptions. While we found people to be largely optimistic about the future, the LGBT community, like most Americans, was affected by the recession and is very concerned about being able to retire,” the study says.

The LGBT community is in much better financial shape than the general population. Here are a few of the study’s highlights:

* While gay men earn more than lesbians ($49,900 versus $43,500 median income), which reflects what’s happening in the general population, the pay disparity isn’t the same. Among those employed full-time, lesbians earn 84 percent of what gay men earn, compared with the 77 percent female-to-male ratio among the total population.

* The median household income for the LGBT community is $61,500, compared with $50,000 for the general population. Although gay men report earning more than lesbians individually, lesbian households have higher income ($63,700 vs. $62,300) because they are more likely to have dual incomes.

* Seven percent define themselves as “unemployed and looking for work, compared with the U.S. unemployment rate of 7.9 percent. Lesbians have the lowest unemployment rate at 5 percent and transgender people have the highest at 12 percent.

* The study also found that the LGBT community on average carried about $4,000 less in debt and had $6,000 more in household savings.

* Because many dual households were without children, the LGBT community also had a lot of extra money to spend on dining out, entertainment and travel. About 40 percent of gay men and 25 percent of lesbians spend more than $500 a month on such discretionary items.

A CNN Money report on the study points out that studies conducted by the Census Bureau and Experian, the credit reporting agency, also have come up with similar conclusions but a Gallup poll of more than 120,000 adults in the summer found that LGBT individuals “tend to have lower incomes and to be less educated than the general population.”

86 comments Add your comment

nofreecheese

December 6th, 2012
12:24 pm

All this study has done is confirm a favorable stereotype. Gays have always been “urban pioneers”; where the settle property values and neighborhoods are sure to improve. It helps that they don’t have to worry about schools–as much.

Ms. Information

December 6th, 2012
12:33 pm

And they complain about discrimination? Please.

fairshare

December 6th, 2012
12:34 pm

So when does the LGBT community give up their fair share to the hetero community? It is not fair that the make and save more than the rest of the population.

gatorboy62

December 6th, 2012
12:42 pm

the irony is the Obama healthcare and taxes increases will hit them harder….

Big Al

December 6th, 2012
12:43 pm

It’s nothing but a lifestyle choice. Nobody made them gay.

Just sayin'

December 6th, 2012
12:51 pm

Hard to believe we conduct financial, employment and wealth surveys based specifically what people do behind bedroom doors. Why not investigate and categorize people’s finances/wealth based on birth control preferences too? Tomorrow’s headline: ‘Condom users thrive, save more in current recession’

david c

December 6th, 2012
12:51 pm

You are partially right Big Al. They were born, not made, Gay.

k483

December 6th, 2012
12:52 pm

that’s interesting…..are they implying saying that you can be too poor to be gay?

Me

December 6th, 2012
12:53 pm

Hit em hard on taxes Obama! Take that money, they voted for you! LOL!

ND

December 6th, 2012
12:53 pm

Can we stop comparing them to the black civil rights movement now?

Me

December 6th, 2012
12:57 pm

david c

So does that mean if a child molester is born that way, its ok too? Same logic. They say there is no cure for molesters because they were born that way. Sound familiar? So whats next? Bestiality?

blkshepherd

December 6th, 2012
12:59 pm

I was just counting the Minutes before Obama name came into the topic. Some of you people need a Life BAD. OBAMA is not the Alpha and Omega folks! He is not the begining and the end. His NAME does not have to be in EVERY TOPIC HELLLLLLLLLLLLLLLLLLLO!

randy

December 6th, 2012
12:59 pm

And still no tax breaks for long-term relationships.. while a straight person can marry a hooker on the corner and get breaks that day. nice.

joja boi

December 6th, 2012
1:06 pm

They have the opportunity to work hard and play harder…no pun intended, but seriously most LGBT don’t have children to support (and no, dogs don’t count) so they can focus on career and the successes that bring. Working longer hours taking fewer vay-k days and such.and because they probably felt ostracized growing up were probably able to focus more on school or develop thicker skin as a result .. Just an educated guess…

Me

December 6th, 2012
1:11 pm

blkshepherd

George Bush made me do it.

Steve

December 6th, 2012
1:14 pm

As a gay man with no kids, I pay taxes continuously to put your children through school. I don’t get any marriage tax credits or deductions, and I can’t marry, and adoption is very expensive for us. Let’s be clear here.

Sparkle666

December 6th, 2012
1:14 pm

I got to give it to the AJC commetariat, at least you people are predictable. This post is about the income disparity between homo/heterosexual households. Wheather or not homosexuality is a choice in only tangentially related to this article. The fact that the anti-gay folks would use this particular post as a platform to desseminate their anti-gay message speaks volumes as to their intelligence and maturity.

In case anybody is actually interested in a topical comment: I find it interesting that income parity for gays and lesbians is less than that for straights. It wonder if it has to do with lesbians being percieved as more masculine than their straight counterparts. And if that is true, why don’t gay me make less than straigt men because they are viewed as more feminine?

Cane

December 6th, 2012
1:14 pm

Actually, Big Al was right…and babies do not come from the womb as gay members of society. It’s a choice.

Kjohn

December 6th, 2012
1:18 pm

Too ME. Some people are born gay some people are born strait But everybody has a choice too be ignorant or no too be ignorant
And ME on child molestation an beastiality we would luv too know if u were born that way or is that just something you chose

Kenali

December 6th, 2012
1:21 pm

If you take a look at the group you will see that they will get their education. Gays will always look to get a job any job-just as long as they are working. Look at their neighborhood, they will do anything and everything to improve their house and community. This effort will pay dividends when you go and sell your house. One thing I know is that they will put their financial house in order to get what they want.

Smarter than most, apparently

December 6th, 2012
1:24 pm

Wow, the fear and insecurity dripping from these hateful posts would be hilarious if it weren’t so pathetic and sad. Clearly you people don’t know any gay people….oh wait, you do (everyone does) but you are such bigots that they don’t feel comfortable being honest to you without fear of judgement and hatred. How Christian of you….

Kjohn

December 6th, 2012
1:25 pm

Big al. An cane. Since its a choice. When did you decide too be straight. And was it a hard decision for u guys

Ain't that desparate

December 6th, 2012
1:26 pm

Funny how folks who are not gay seem to “know” homosexuality is a choice and not a biological condition.

Lantanta

December 6th, 2012
1:31 pm

Ahhh, I fondly remember the day I chose to be a hetrosexual. Don’t you?

Reality

December 6th, 2012
1:33 pm

Of course, this means that heterosexuality is a choice, right? If you believe that homosexuality is a choice, then the other must be true.

So, continuing the logic here, does this really mean that you can CHOSE to have a sexual relationship with someone of the same sex and be satisfied? Really? LOL!

Ain't that desparate

December 6th, 2012
1:34 pm

Even if being gay is a choice (and I don’t think it is), it is a choice between two consenting adults and none of mine nor anyone else’s business.

Just gotta wonder with all the other things in the world to worry about, why some folks get their knickers in such a twist?

If the right-wingers need to do something to feel Godly, why not volunteer at a soup kitchen or hospital?

In other words, kwiturbitchin and go DO something to make someone’s life a little less miserable.

James

December 6th, 2012
1:35 pm

I’d imagine the major factor in this is based on the lack of having children. That’ll free up your income. The study should compare the LGBT community to never-married and no-child single heterosexual men and women if it wants to make a better comparison. It’s well known that when a family is being raised, the income and goal structure changes significantly from that of a single person, so the study isn’t really comparing apples to apples.

J

December 6th, 2012
1:38 pm

I guess they should pay a higher tax rate then?

CJ

December 6th, 2012
1:44 pm

The LGBT community doesn’t “have it good” as a lot of you are implying. Ever heard of imputed income? It’s the astronimical cost difference LGBT couples pay when covering a partner on their health insurance – that is – when that benefit is even offered by the employer.

And, because so many of you – yes you – treat LGBT people like second class citizens, it’s in our best interests to stockpile cash for a rainy day. Many have been outcast from their families and many will not have kids to help take care of them when they are old. Two things most heterosexual people take for granted.

IAM1RU2

December 6th, 2012
1:50 pm

Gay relations are between two consenting adults. A pedophile is a predator taking advantage of a child. Don’t confuse the two. I have no interest in sex with a child or an animal. While it may be that we are “born this way”, one is okay and the other is not because it involves unwilling or underage participants. And by the way, we have all been paying school taxes for your children for years, even though most of us do not have children. We increase the value of a neighborhood.

J

December 6th, 2012
1:50 pm

What a surprise, “Christians” are flocking here to pass judgment.

GreyJ

December 6th, 2012
1:51 pm

J,

We already do pay a higher income tax. Haven’t you heard of the “gay tax”? Unlike straight people, we have to pay taxes for putting our partner on our health insurance. We also can’t file as “married”, regardless of how long we’ve been together. If we give each other Christmas gifts, we have to be careful, as it may become subject to the Gift tax.

STOPTHEMADNESS

December 6th, 2012
1:54 pm

I’m with you @blksheperd…how sad it must be to wake up with ignorance and hatred on your heart EVERY SINGLE DAY…I almost feel bad for the pilgrims who can’t see past ignorance. But unlike being gay…being IGNORANT is a choice…you are not born with it…

SheeshLouise

December 6th, 2012
1:55 pm

A couple of things that immediately came to mind and eas confirmed by a couple of people on here.

They are less likely to have children and the household expense dynamics that go along with it, so not surprising at all.

The other thing is, I have heard much from the agenda about the rampant level of job descrimination and those things toward that community. However it just does not jibe with reality. I have GLB all around me on a daily basis doing quite well and always have. They are decision makers, running things. And yes, I have even seen the political networks that are employed by that community that can at least appear to show favor toward other GLBT. I just think we should be more honest in the discussion as a whole.

anonymous

December 6th, 2012
1:56 pm

Ohmygawd! Y’all’s so dumb!
Go back and read/study the first paragraph in the article peoples!
Wuz y’all all educated here in 50th-in-the-nation-in-education Georgia?

Ohmygawd! Y’all’s so dumb!

bc2012

December 6th, 2012
1:57 pm

Al/Cane,
How do you choose what or whom you’re attracted to?
Can you MAKE yourself attracted to whomever you want if they are the opposite sex?

1776

December 6th, 2012
2:03 pm

Tis because they (as other minorities) are the beneficiaries of affirmative action (quotas, etc.). Take away that factor, and these folks don’t have any financial edge.

papercut

December 6th, 2012
2:10 pm

Well duh. Maybe a few of them will adopt but generally they produce very few offspring. How about it parents? Do you think that’ll save you some money?
Gay sounds so clean, antiseptic almost, but don’t forget what they had in their mouth last night when you talk to one.

Susan

December 6th, 2012
2:11 pm

I don’t believe this story.

SheeshLouise

December 6th, 2012
2:11 pm

If i can just say this, because I see other people talking about this. I will speak for me. I remember growing up as a child, being 6,7,8… In had male buddies I played with, went to school with. I wasn’t interested in doing nothing but playing and doing what little boys do. I also had little girls around that I thought were “Yucky”. Wasn’t interested in them in any way other than to tease and poke fun at. I do remember though at one point as I approached my pre-teen years that began to change. While I still had my male friends who I mixed it up with as I always had, I began to feel differently toward the girls. my heart beat faster, breathing got heavier, stomach got butterfiles. Now I guess I could have gravitated toward my male friends and become attracted to them. I was not interested in that though. I liked the softness, sensitivity, beauty and curves of the female form. I guess you can say I “chose” the girls over the boys to be the focus of my intimate desires. *shrugs*

Dana

December 6th, 2012
2:13 pm

Really? For the people who claim that homosexuality is a choice. Here’s a question for you. When did YOU choose to be straight?

Dejay

December 6th, 2012
2:13 pm

Oh man, this is easier than Courtney Love on prom night. Well, maybe not that easy…

The reason why they make and have more $$$ than average is because most of them do not have any children to support. It’s a lot easier to focus on getting an advanced degree in a higher paying profession when you don’t have to worry about taking time off when Jr. gets the sniffles. And it’s much easier to build up the savings account when you don’t have to pay a premium to move into a house within a good school district or pay for Sally’s soccer registration.

It’s a matter of lifestyle choice, regardless of sexual preference. If you want to eat lobster tails, have actual $$$ in the bank, and take vacations in Paris, lay off on having kids. If you prefer to eat half-assed chicken fingers at Chuckie Cheese and have to save up every penny for a year for Disney cruises, have kids. Your choice…

TrishaDishawareagle

December 6th, 2012
2:16 pm

It’s easier to save money when you can share each others clothes..plus they get the gay bonus

david c

December 6th, 2012
2:17 pm

And Ugly Amerika has raised its empty head once again.

TrishaDishawareagle

December 6th, 2012
2:18 pm

Although..those blood tests can get expensioso..

Independent

December 6th, 2012
2:35 pm

the word Gay doesn’t sound so bad…. unless you’ve seen what 2 naked homosexual men do to each other ????

Spike

December 6th, 2012
2:51 pm

That is because they do not have children. It is easy to save money when you do not have more people to provide for. Plus, they do not have other tasks that people with children have to do so they can stay later and work more hours to get ahead instead of having to take their children to the doctor’s office or pick them up for day care, etc. I am not knocking the Gay Community, I am just pointing out the reasons why they have more money. I wonder how much this “study” cost.

Justin

December 6th, 2012
2:52 pm

Enter your comments here

NYCdudeInVa

December 6th, 2012
2:53 pm

WOW. The level of ignorance and the position to NOT erradicate it is proof positive here, that we as a “community” – that being AMERICA, have a long way to go. The unfortunate thing, is that only travesty (”911″) unifies US in the U.S. So unfortunate, given the wealth of intelligence, innovation and drive evident, that we continue to self sabotage.

VoiceOfReason

December 6th, 2012
2:56 pm

All of their money won’t make up for their sins.