As Seen in Rung CNBC: Online efforts encourage LGBT Americans to mind their financial P’s & Q’s
The legal and financial fortunes of gay and lesbian Americans have changed beyond recognition. That’s largely thanks to the legalization and rapid public acceptance of same-sex marriage and antidiscrimination protections, as well as other civil rights shifts, for LGBTQ people across the U.S. in recent years.
Whereas same-sex couples, unable to marry, once had to wrestle with unique challenges around estate inheritance problems, hospital visitation rights and the like, they now must learn to deal with many of these issues much as their straight peers have.
LGBTQ Americans — transgender and non-binary, in particular — still face unique hurdles on the national, local and personal levels. But it might be argued that many, though certainly not all, also enjoy the luxury of worrying a little more about more prosaic, everyday concerns — including personal finance — and a bit less about outright discrimination.
“LGBTQ+ clients have many of the same set of concerns and worries as the broader population: How much should I save for retirement? Will I have enough money to live once retired? How much will I need to save to send my child to college?” said certified financial planner Kyle Young.
Young is senior vice president and portfolio management director of the New York-based Schmitt-Young Group at Morgan Stanley Wealth Management, which manages $500-million
plus in assets for a client base that is 90% to 95% LGBTQ-identified.
According to a 2018 survey from Experian, the two top financial concerns among LGBTQ Americans are saving for retirement, cited by 29% of respondents, and paying off debt, named by 20%.
Two online initiatives are looking to help LGBTQ Americans with just those types of worries. Debt Free Guys, from married couple and newfound personal finance experts David Auten and John Schneider, and Frügayity, a site from Indianapolis-based web entrepreneur Joey Amato, look to provide LGBTQ consumers with everyday financial advice, albeit tailored to the community’s ever-evolving specific needs concerning money matters. (The LGBTQ acronym stands for “lesbian, gay, bisexual, transgender and queer/questioning.”)
