At a Glance | August 25, 2022 Generational Differences in the Mindset of LGBTQ Americans Regarding Retirement The most recent Retirement Confidence Survey included questions to identify and explore the retirement outlook of LGBTQ Americans. RETIREMENT PREPAREDNESS Percentage of LGBTQ and Non-LGBTQ Americans Who Are “Not Confident” They Will Have Enough Money to Live Comfortably in Retirement LGBTQ Americans in each generation are less likely to be confident they will have enough money to live comfortably LGBTQ LGBTQ LGBTQ throughout retirement than their Millennials Gen Xers Boomers non-LGBTQ counterparts. 43% 47% 35% Non-LGBTQ Non-LGBTQ Non-LGBTQ 22% 30% 22% 22+0+U 30+0+U 22+0+U 4343 P++0++0P 4747 +PP++00+ 35+0+35+0+ PP GENERATIONAL OUTLOOKS LGBTQ Americans Report Feeling Less Knowledgeable About Managing Their Savings and Being Less Likely to Have Prepared for Retirement LGBTQ Americans are less likely to agree that they feel knowledgeable about % Respondents Who Agree: Age Cohort LGBTQ Non-LGBTQ managing savings and 54% investments for the future I am knowledgeable about Millennials 65% than non-LGBTQ Americans. managing investments for 56% Gen Xers 68% the future. Non-LGBTQ Boomers and 69% Boomers Gen Xers are more likely 78% to have tried to figure out how much money they will need I have calculated how Millennials 38% 42% to have saved by the time they much I need to save for 32% Gen Xers retire so that they can live retirement. 42% comfortably in retirement than 39% Boomers 51% their counterparts. Non-LGBTQ Millennials and 49% I have personally saved Millennials 62% Gen Xers are more likely to have for retirement. personally saved any money 53% Gen Xers 72% for retirement than Millennial and 76% Boomers Gen X LGBTQ Americans. 78% SOURCE: Copeland, Craig, and Lisa Greenwald, “Retirement Confidence Survey and the LGBTQ Community ,” EBRI Issue Brief, no. 560 (June 14, 2021). © 2022 EBRI This report is copyrighted by the Employee Benefit Research Institute (EBRI). You may copy, print, or download this report solely for personal and noncommercial use, provided that all hard copies retain any and all copyright and other applicable notices contained therein, and you may cite or quote small portions of the report provided that you do so verbatim and with proper citation. Any use beyond the scope of the foregoing requires EBRI’s prior express permission. For permissions, please contact EBRI at permissions@ebri.org.