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  WINDY CITY TIMES

Report examines LGBT spending habits
2018-09-12

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A new Experian survey on LGBTQ financial planning suggests that most members of this country's LGBTQ community may be more inclined to spend money than save it.

Asked to characterize their habits on a zero to 10 scale, with zero denoting "spender" and 10 indicating "saver," 52 percent of LGBTQ respondents placed themselves in the six-to-10 "saver" range. However, responses to more detailed follow-up questions gave a decidedly different impression:

—For example, 44 precent of LGBTQ respondents said they struggle to maintain adequate savings, versus 38 percent of the general population; and

—LGBTQ respondents estimated they devote 16 percent of monthly income to discretionary spending, but just 11 percent to saving or investment.

Also, in responses consistent with their reported anxiety over spending habits, LGBTQ respondents in the 25-to-34 and 35-to-44 age rated discretionary spending more important than their older counterparts in a wide variety of categories, including clothing, hobbies, health and fitness, and home decor. Dining out was named as a significant source of overspending for 46 percent of all LGBTQ respondents.

The original report is at www.experian.com/blogs/ask-experian/lgbtq-money-survey-attitudes-challenges-and-opportunities/ .


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