One out of every four individuals in the LGBTQ+ community is not saving for retirement, according to a recent survey conducted by Scottish Widows in honor of Pride Month. This statistic highlights a concerning trend that needs to be addressed in order to ensure financial security for all members of the LGBTQ+ community.
The survey also revealed that only 11% of LGBTQ+ individuals reported having sought financial advice, compared to 15% of non-LGBTQ+ individuals. This disparity in financial planning and preparation for retirement underscores the need for targeted efforts to improve financial literacy and access to resources within the LGBTQ+ community.
The findings of this survey mirror previous reports that have indicated LGBTQ+ individuals are less likely to participate in pension schemes compared to the general population. This lack of engagement with retirement savings could have long-term consequences for individuals within the LGBTQ+ community, making it essential to bridge this gap and provide support and guidance.
Emma Watkins, retirement director at Scottish Widows, emphasized the importance of encouraging individuals to take an active role in planning for their financial future, even if they are unsure of where to begin. By utilizing online tools, seeking out advice, and engaging with pension savings options, individuals can start building a more secure financial foundation for their retirement years.
In addition to these steps, individuals can also benefit from ensuring they are enrolled in a workplace pension scheme, utilizing pension provider apps for easy access to information, and tracking down any lost pensions through services like the Pension Tracing Service. By taking these proactive measures, individuals can better understand their retirement savings and make informed decisions about their financial future.
Furthermore, the Pensions and Lifetime Savings Association (PLSA) offers retirement living standards to help individuals gauge the lifestyle they may be able to afford in retirement. These standards can serve as a helpful benchmark for individuals as they plan and save for their future.
Overall, the findings of the survey underscore the need for increased awareness, education, and support for retirement savings within the LGBTQ+ community. By addressing the disparities in financial planning and access to resources, we can work towards a more inclusive and financially secure future for all individuals, regardless of sexual orientation or gender identity.