Australia’s LGBTQI community sees many financial products as skewed towards traditional heterosexual relationships, new research has found.
The St George LGBTQI Financial Wellbeing Report surveyed over 800 members of LGBTQI community, finding that 85% saw financial products as suited more towards straight Australians.
The report also uncovered inequality between the two groups’ financial aspirations with LGBTQI Australians less positive about their financial future.
“The research suggests more LGBTQI Australians are either living, or expecting to live a more frugal retirement than a hetero counterpart and even fewer are living, or expect to live even a ‘comfortable’ retirement,” said St George general manager Ross Miller.
Likewise, 29% of LGBTQI Australians have faced discrimination when dealing with a local financial institution, while 56% of transgender Australians said the same
LGBTQI Australians are also 28% less likely to own the home they live in. This is despite the fact that those in this demographic report an annual household income which is 25% or $22,389 higher.
“This is perhaps due to the fact three quarters (74%) of LGBTQI Australians feel as though there are only some communities they would feel comfortable living in. And when they do own a home, the average mortgage carried by an LGBTQI owner-occupier is 41% higher compared to other Australians,” said Miller.
Tailored financial support could help meet these challenges, he added, to help LGBTQI Australians boost their financial wellbeing earlier in life.
“Just like any family with diverse needs and financial challenges, LGBTQI Australians are no different; they need products and services that relate to them as individuals and their circumstances.”
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