The vast majority of lesbian, gay, bisexual and transgender Americans expect marriage equality to improve the financial lives of same-sex couples, according to a new Wells Fargo survey.
Fifty percent of LGBT respondents said financial security and benefits were a main reason for wanting to get married.
At the same time, the poll showed a big need for financial advice both by people planning to marry and by those already married.
Versta Research conducted an online national survey for Wells Fargo in April among 1,152 LGBT Americans. Qualified respondents were non-students, ages 25 to 75, who were the primary or joint financial decision-maker in the household.
The survey also included an oversample of respondents currently in same-sex marriages who lived in states that had recognized same-sex marriage before the Supreme Court ruling to explore the effects so far of legalized marriage.
Seventy percent of married respondents said they felt better off financially.
Among these, 73% said same-sex marriage having become legal had changed how they planned for the future.
Sixty-eight percent said being married had influenced how they thought about their financial future, and 60% said it had changed how they planned for their financial future.
“The decision to marry seems to bring with it a level of financial security for same-sex couples,” Wells Fargo’s LGBT segment manager John Lake said in a statement.
Lake added, however, that although LGBT Americans recognized that access to marriage provided certain financial benefits and obligations, “there is still a significant knowledge gap around specific issues.”
To Marry or Not
Eighty-one percent of LGBT Americans in the survey saw getting married as a big financial decision, and 89% said it was important to evaluate the financial implications of getting married before doing so.