Investors from the LGBT community are more optimistic than others about the economy and their personal finances, a report by financial services firm UBS has found.
While there was little discrepancy in outlook on the economy in the short-term, LGBT investors expressed less concern looking forward. When asked how they would describe their outlook on the U.S. economy in the mid-term, 63 percent of LGBT respondents were optimistic, compared to only 49 percent of other investors. Similarly, in the long-term, 67 percent of LGBT investors held an optimistic outlook compared to only 57 percent of other investors.
“LGBT investors are also significantly more likely than other investors to believe that the U.S. economy is strengthening, the worst of the economic downturn is over, the unemployment rate will continue to decline and that the country will make progress toward debt reduction,” UBS reports. “They are also much less concerned about many macroeconomic factors, including the size of the national debt and tax increases.”
When asked about their confidence in achieving their financial goals in the future, 59 percent of LGBT investors expressed confidence, compared to 52 percent of other investors.
The study suggests the overturning of DOMA may be responsible for instilling financial confidence in the LGBT community.
“The majority find each of the key extensions of benefits to same-sex spouses from the ruling to be highly important: medical decision-making rights, health and retirement benefits, Social Security and joint tax filing status,” UBS reports. “In light of these benefits, nearly half of LGBT investors (48%) feel the ruling had a positive impact on their overall sense of financial security."