LGBTQ + Money: 57% Say Financial Situation Harms Their Mental Health
How important is money when it comes to happiness in your relationship? What a dumb question, right? Money is everything!
No, having money is not everything, but it sure does help. Love, affection, attraction, health, well-being, family, are all important. But money (or lack there of) does get in the way of happiness.
In a LGBTQ Love & Money Survey, Honeyfi states that 55% of queer couples fight daily, weekly, or monthly with their partner about financial security stress and that negatively affects their sex lives.
Honeyfi, the app that helps couples better manage money together, surveyed 300 LGBTQ couples and asked them how they manage money together, how they communicate about money and about their financial challenges and goals. The findings were a combination of inspiring and concerning.
One consistent theme from the results was that LGBTQ couples are having trouble saving enough and want to save more.
-We asked about their biggest financial problems. The top answers were:
#1 Lack of savings, not saving enough, 52%
#2 Bills/cost of living, 50%
#3 Income/job, 33%
#4 Healthcare costs, medical bills, illness, 30%
#5 Not saving enough for retirement, 30%
#6 Debt (besides student debt), 29%
#7 Student debt, 29%
#8 Bad credit, 16%
LGBTQ respondents to the survey reported slightly better incomes than the general population, which contradicts previous surveys. Unfortunately, however, those same respondents reported not saving as much of their slightly higher incomes as they could.
Financially and with my savings, I'm doing okay, middle of the pack, but I have no one to fight with about savings other than myself. But I do see some of my friends fighting often with their partners over money, spending, saving, and which one is paying for which bills.
I think the biggest dilemma I've seen is when you have two different levels of income within one household. I've had conversations with some of my single acquaintances and they've said that they do not want to be in a relationship with someone that makes less than they do. Is that wrong to say? Is that wrong to look for in a partner?
How are you doing with savings?
Is it harder or easier since you have been in a partnership?
What is the biggest hurdle for you when trying to save money?
For more information on the Honeyfi results, head over to blog.honeyfi.com, or you can review the bullets and infograph below.
- 52% of respondents reported being concerned about their lack of savings.
- 16% having $10,000 or more saved.
- 56% of couples reported having $1,000 or more saved for unexpected circumstances
- 25% of couples surveyed reported having less than $1,000 saved for an emergency
- 19% reported having no money saved.
- 35% said they don’t use any financial tools.
- 55% of LGBTQ couples in which at least one partner has bad credit fight regularly
- Of the 55% of couples who fight regularly, 100% said they also worry about money monthly, 86% weekly and 51% daily.
- 57% of LGBTQ people say their financial situation adversely affects their mental health
- Only 6.31% of LGBTQ discretionary spending goes towards charity