A YouGov survey was carried out among more than 5,000 people across the UK and the full findings will be published by Scottish Widows later this summer.
A one in four (25%) of those identifying as LGBTQ+ admitted they aren’t saving for retirement, according to a survey by Scottish Widows released to coincide with Pride Month in June.
Additionally, nearly one fifth (18%) from people who do not associate themselves as LGBTQ+ revealed they’ve got no savings for their retirement. Those within the LGBTQ+ community were reportedly less inclined to seek financial advice, according to the study.
One in nine (11%) people surveyed who identify as LGBTQ+ said they have taken financial advice, compared with one in six (15%) of those who do not identify as LGBTQ+. A YouGov survey was carried out among more than 5,000 people across the UK and the full findings will be published by Scottish Widows later this summer.
Last year’s review by Scottish Widows similarly discovered that individuals identifying as LGBTQ+ were often not part of a pension scheme compared to the rest of the population. A report from charity Shelter in 2021 indicated that gay and bisexual people were more likely to have been affected by the “housing emergency” than heterosexual people.
People were counted in the affected category if they resonated with assorted statements discussing insufficient bedrooms, or having to apply spending cuts due to housing costs. Emma Watkins, retirement director at Scottish Widows, has highlighted the unique financial challenges faced by the LGBTQIA+ community.
She remarked: “We recognise that the LGBTQIA+ community is large and diverse, with each individual facing their own circumstances, but the data across this community shows that, although the gap has been closing over the years, there’s still a serious disparity that needs to be addressed.”
She emphasised the importance of pension engagement: “It’s crucial that we as an industry encourage people to engage with their pension as part of their everyday finances, so that they can build a better financial future, even when they may not feel like they know where to start. There are lots of simple tools online to help figure out what you have, what you might need and what to do next.”
She also stressed the long-term benefits of early savings: “It’s important to find out more and take that next step as a pound saved now can have much more buying power by the time you retire.” The article suggests ways individuals can get involved with their pensions, such as enrolling in workplace schemes, using apps from providers, locating unclaimed pensions through the Pension Tracing Service, and checking state pension forecasts.
Additionally, the Pensions and Lifetime Savings Association (PLSA) provides “retirement living standards” to help people gauge the lifestyle they could have post-retirement.
