Gay People Earn More, Save More Than Average American

The LGBT community is better prepared financially

The gay community is better at managing their money than the average American, according to new research. Lesbian, gay, bisexual and transgender people earn more, save more, have less debt and are better prepared for retirement, according to a survey of more than 1,000 LGBT respondents. Participants reported having higher annual incomes ($61,500 compared with the national median of $50,054), nearly $4,000 less in debt, and about $6,000 more in savings. Contributing factors included a better education (more than half of respondents received at least a bachelor's degree) and a tendency to live in higher-income areas, but they also bear an uncertainty about the future of gay rights making them more likely to be more prudent with their money. Among their top financial concerns, respondents cited a lack of Social Security or pension survivor benefits. The Defense of Marriage Act (DOMA) bars same-sex married couples from getting many of the same federal benefits -- like survivor benefits and certain tax exemptions -- that opposite-sex married couples receive. (CNN)

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