Consumer Surveys
2023 CFP Board’s Consumer Sentiment Survey — LGBTQ+ Financial Planning Pulse
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CFP Board’s Consumer Sentiment Survey — LGBTQ+ Financial Planning Pulse, conducted in November 2023, reveals that more than 6 in 10 LGBTQ+ investors (61%) report feeling financially secure. This feeling of financial security extends to a heightened sense of retirement preparedness in the LGBTQ+ community — 2 in 3 LGBTQ+ investors (66%) feel they are more prepared for retirement than their non-LGBTQ+ peers. Perhaps an indication of broader financial security in the LGBTQ+ community, 56% of all LGBTQ+ investors surveyed currently work (or have worked) with a financial planner. This percentage increases for married investors, 84% of whom currently work with a financial planner, compared to only 38% of single respondents.
Across income levels and racial backgrounds, LGBTQ+ investors who are in a long-term relationship or married report a higher level of financial security than their single LGBTQ+ counterparts. An overwhelming majority of married LGBTQ+ investors (81%) feel that their marital status has a positive impact on their financial readiness.
The feeling of financial security increases for LGBTQ+ investors with a household income of over $250,000 annually (83%). Only 22% of respondents with an annual income under $35,000 reported feeling financially secure. Married respondents are also more likely to own property (91% compared to 44%) than their single counterparts.
While many LGBTQ+ investors work or have worked with a CFP® professional (56%), nearly three-quarters of LGBTQ+ investors (74%) would be more interested in working with a financial planner who identifies as a member of the LGBTQ+ community.