LGBTQ+ Consumers Aim High With Retirement Savings Goals, Says New Lincoln Financial Study

Yet the Pandemic Still Created Financial Stress and Retirement Uncertainty That Underscores Areas for Improvement to Achieve Financial Security

RADNOR, Pa.–(BUSINESS WIRE)–LGBTQ+ Americans have big goals when it comes to retirement. According to Lincoln Financial Group’s (NYSE:LNC) 2021 Retirement Power® Study, LGBTQ+ respondents feel they should save a higher median amount of their annual salary for retirement — 20% — when compared to the broader population at 15%. LGBTQ+ respondents are also more likely to have increased their retirement plan contribution rate in the last year (31% of LGBTQ+ consumers took this action vs. 23% of the broader population) and almost half (45%) of LGBTQ+ consumers said they followed the performance of their investments more closely last year.

“Our research shows that LGBTQ+ consumers are actively engaged in retirement planning and in managing their finances overall,” said Jamie Ohl, executive vice president, president of Workplace Solutions, Operations and Brand for Lincoln Financial Group. “And despite the market volatility and uncertainties all Americans have faced this past year, this community has not put their financial futures on hold, instead focusing on long-term goals to achieve the retirement they envision.”

Solutions for Retirement Uncertainties

However, despite an enhanced focus on retirement planning, Lincoln Financial’s research found financial concerns still exist for LGBTQ+ consumers, who were more likely than the general population to report worrying they would never be able to retire (53% vs. 39%). That sentiment may be driven by the LGBTQ+ survey respondents’ focus on saving a higher percentage of their annual salary than the broader population to achieve this milestone. It could also suggest a need for better understanding of the steps needed to feel more confident about achieving financial security, as well as encourage employers to play a more active role.

For example, one of the provisions of the SECURE Act made it easier for plan sponsors to provide a retirement plan design that can generate guaranteed income for plan participants in retirement. As a result, employer-sponsored retirement plans can become more than an accumulation vehicle — they can provide a stream of income in retirement, so that participants have the potential to receive income regularly for the rest of their lives. According to Lincoln’s study, LGBTQ+ savers are more likely to say they are interested in an in-plan income solution (54% vs. 46% of the broader population).

“Retirement savers are focused on protecting their savings from market volatility and ensuring that they will not outlive those savings,” said Ohl. “In-plan protected income products can serve as a powerful protection tool during periods of volatility, while still benefitting savers when the market goes up. Meeting with a financial professional can also enable LGBTQ+ consumers — and all savers — to better understand solutions like these and what might be the right fit for one’s situation, helping to alleviate some of the stress many may feel in financial planning.”

Higher Stress Levels Ultimately Hit Wallets

The LGBTQ+ community expressed feeling significant stress over the last six months, even more so than the broader population (47% vs. 36%). According to our findings, the LGBTQ+ community is also more likely to say stress impacts their ability to manage or improve their personal finances (69% vs. 60%).

To help manage financial stress created by the pandemic, Ohl recommends all savers start with an accurate snapshot of where they are now. A good place to start is with a financial wellness program, which many employers offer to their employees. With these tools, savers can create a personalized action plan and improve their financial well-being — whether they are creating a budget, building an emergency fund or paying down debt — and achieve their goals.

“We know that the events of this last year have impacted everyone, and our research shows us how those events are changing Americans’ views on their financial situations,” said Ohl. “By better understanding our customers and the communities we serve, we can focus on driving innovation in our customer experience, products and service, to ensure we are helping more people achieve financial security.”

About Lincoln Financial Group

Lincoln Financial Group provides advice and solutions that help people take charge of their financial lives with confidence and optimism. Today, more than 17 million customers trust our retirement, insurance and wealth protection expertise to help address their lifestyle, savings and income goals, and guard against long-term care expenses. Headquartered in Radnor, Pennsylvania, Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE:LNC) and its affiliates. The company had $311 billion in end-of-period account values as of March 31, 2021. Lincoln Financial Group is a committed corporate citizen included on major sustainability indices including the Dow Jones Sustainability Index North America and FTSE4Good. Dedicated to diversity and inclusion, we earned perfect 100 percent scores on the Corporate Equality Index and the Disability Equality Index, and rank among Forbes’ Best Large Employers and Best Employers for Women, and Newsweek’s Most Responsible Companies. Learn more at: www.LincolnFinancial.com. Follow us on Facebook, Twitter, LinkedIn, and Instagram. Sign up for email alerts at http://newsroom.lfg.com.

LCN-3639149-061821

Contacts

Holly Fair

Lincoln Financial Group

484-583-1632

[email protected]

Personal Financial Training for the LGBTQ Community - LGBT Employees Rate Employer Review Company Employee Branding OutBuro - Corporate Workplace Equality Gay Lesbian Queer Diversity Inclusion

Personal Financial Training for LGBTQ Community

Debt Free Guys, David Auten and John Schneider III, have recently launched the first in a planned series of witty, informative and results-oriented online courses. Debt Free Guys focus their personal finance insight on the LGBTQ Community. Learn a little more about Debt Free Guys in a past article we wrote about them.

Where to start?

David and John felt that starting with How to Pay Off Credit Card Debt is something a vast majority of Americans deal with and know it’s a problem in the gay, lesbian, bisexul, transgender and queer community.

In the first course you are :

  • provided a QUEER MONEY view on finances
  • taught how to change financial behaviour
  • will complete it with an actionable plan
  • grow toward personal financial freedom

Take Action

Join David, John and your LGBTQ peers in creating peronsonal and community strenght through personal financial health.

>> Learn More & Enroll NOW <<

When you enroll, use the code DEBTFREE2019 for $100 off the already low course price.

Queer Money is a trade mark of Debt Free Guys

Superbia Financial - The First LGBTQ Community National Credit Union Bank LGBT Employees Rate Employer Review Company Employee Branding OutBuro - Corporate Workplace Equality Gay Lesbian Queer Diversity Inclusion

Superbia Financial – The First LGBTQ Community National Credit Union

I was introduced to Superbia Financial initially through a group posting via our OutBüro on LinkedIn LGBT professional networking group. We had the opportunity to jump on a call this week to learn more about Superbia Financial from its CEO & Founder, Myles Meyers. Meyers was quick to explain that Superbia means Pride in Latin. I dig the word and thought behind it.

Meyers has a long deep background in the financial services industry both within insurance and banking as well as member driven organizations. He is a Canadian transplant now building Superbia from his new home base in New York City – one of the financial hubs of the world.

We are bringing financial services to the LGBTQ Community that match the values in our lives – Myles Meyers – CEO

Superbia will serve its members in three important ways:

  • Completely removing any risk of discrimination when sourcing financial services
  • Providing fair, and unique products, services, and a member (customer) experience that honors the unique needs of the LGBTQ community
  • Giving every penny of profit back to the community
    • Awarding up to 30% of profit to directly fund LGBTQ organizations, causes and community needs
    • Putting profits back into Superbia to offer better saving and lending rates, and other improved financial services to its membership

Why focus on the LGBT community’s financial life

LGBTQ people face discrimination, harassment and inequalities at nearly every possible interaction be it at work, in housing, in healthcare and so forth. Also we can face discrimination when dealing with financial institutions from personal banking, business banking and seeking capital for to grow our businesses. Sure, many large financial institutions, which we’ve pointed our here on OutBüro, have a pretty good to very good LGBTQ employee work culture and customer equality stance. However, the best of intentions of a large company does not always translate down to the individual banking employee you might be dealing with. You can and may still experience discrimination from a branch manager, loan officer or employee who despite company policies put forth their learned prejudices and biased beliefs causing you mental stress and financial harm.

Case in point is that in the United States we have had sexual harassment laws at the federal and state levels since 1978. Most companies have sexual harassment policies as well as require all employees to participate in sexual harassment training and sign documents. However, all you have to do is turn on the news and several times a month and you will see high profile sexual harassment cases. Consider the hundreds and thousands monthly that don’t make the news. Corporate LGBTQ supportive and friendly policies are wonderful and we applaud all companies who have them in place. But taking sexual harassment as an indicator, it will be a very long time before those LGBTQ friendly policies and laws translate to a true culture of equality devoid of discrimination, harassment and worse.

Come bank with Superbia as and who you are. Your financial life is very important to you and therefore important to Superbia.

100% LGBTQ banking

Superbia Financial, upon receipt of its charter to operate, is the first financial institution, as a member based credit union, to be built by an LGBTQ entrepreneur and 100% focused on the LGBTQ community – YOU. As a credit union you are a member and therefore also have a vote in many actions of the credit union. You may participate in voting for board members that will ensure the board is both qualified and always reflects the membership base.

As a not-for-profit, Meyers explained that the tax savings will provide a lower cost of business and thus be able to provide more of the profits to directly fund national and regional LGBTQ organizations, causes and community needs. Your banking with Superbia creates a sustainable funding stream for organizations serving our LGBTQ community.

It’s banking with an LGBTQ social impact.

The world doesn’t need another generalized bank or credit union. The LGBTQ community needs a financial institution such as Superbia that is not only LGBTQ focused, but participates as part of the community and supports the community widely. – Myles Meyers – CEO

Financial diversity in the diverse LGBTQ community

There are an estimated 8.5–10 million LGBTQ living in the United States. In 2015, the combined economic power of the community was estimated at $917 billion, yet poverty exists in the diverse LGBTQ community. It’s estimated that 9.1% of gay couples and 4.9% of lesbian couples over the age of 65 live in poverty due to a lifetime of discrimination in the workplace. 25% LGBTQ people have reported being discriminated against in some way during their life. The fear of coming out that many in the LGBTQ community experience increases their risk of depression and/or anxiety as much as 3 times.

Superbia Financial credit union is an inclusive organization and whether you’re part of the LGBTQ community or you’re a supportive ally, you are welcomed. You deserve a banking partner that values you for who you are and where you are without the potential of being discriminated against.

What services to expect

Meyers and a hard-working team of around 25 people have been working diligently for over two and a half years in getting Superbia Financial to the point of it’s impending launch. During that journey they have consulting with numerous stakeholders and providers across the country to find the right blend of technology to meet your expectations of banking in the time of internet based everything. Meyers explained that Superbia, as a virtual credit union, will have the online and mobile apps you’d expect – such as mobile/remote based check deposits. As products are made available, members will have the options of:

  • Check account
  • Saver account
  • Certificate of deposit
  • Credit card
  • Short-term loan
  • Line of credit
  • Mortgage
  • Wealth management
  • Small business account

Superbia just doesn’t want you – it needs you

To create a credit union that serves the unique interests and needs of the LGBTQ community, and that distributes its profit to the causes and programs unique to LGBTQ persons, Superbia must demonstrate the desire and need of the community to the regulators.

To show your interest in helping bring this revolutionary vision to life for yourself and others, head over to their website and sign up to stay abreast with Superbia’s progress – they only ask for your name, email and state.

When can you open your accounts

Superbia, in October 2018, filed the application to acquire its charter to operate as Superbia Credit Union. Meyers stated, “In the process so far we’ve had discussions about our application, vision and plans. The dialogue has been productive. This process is lengthy with naturally a huge focus on the security of any potential members financials. “We are very pleased with the development effort to make our application for charter as strong as possible. We cannot predict exactly when, but we hope within the next few months we’ll receive the approval and when that happens we are ready to serve our community.”

To learn more about Superbia, please visit www.superbiafinancial.com.

Keep up with Superbia via:

Facebook: @SuperbiaFinancial

Twitter: @pride_superbia


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