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Financial Planning > Behavioral Finance

GLBT members uncomfortable in financial planning environment

By Staff Writer

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A new Harris Interactive survey reveals members of the gay, lesbian, bisexual and transgender community are not as comfortable in the current environment provided by their financial planner as their heterosexual counterparts.

The national survey of more than 2,500 online GLBT respondents shows only slightly more than half (54 percent) are very or somewhat comfortable, as compared to 67 percent of heterosexuals. Implications of this survey say GLBT adults are more likely to seek financial information from Internet sources, friends or television.

Harris Interactive is a global market research and consulting firm, in conjunction with Witeck-Combs Communications, Inc., a strategic public relations and marketing communications firm with special expertise in the GLBT market.

The survey also suggests that GLBT consumers seem to save and invest assets in a slightly lower proportion to heterosexuals.

“There are few occasions when consumers must share such intimate aspects of their family and household than when talking with financial services representatives,” said Bob Witeck, CEO of Witeck-Combs Communications. “These findings reflect that intimacy, and suggest that financial providers still have work to do to make all their customers feel comfortable and fully respected. When many GLBT people are not always as open as they might be even with their own medical providers as we have found in past studies, it is not surprising they also are more guarded with banks and other financial institutions too.”

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