Wells Fargo Survey Shows Need For Knowledge On Same-Sex Finance Issues Among Lesbian And Gay Investors

A recent survey by Wells Fargo has shown that while a majority of lesbian and gay investors feel confident about their financial futures, many are still unaware of the tax burden placed upon same-sex couples because their marriages are not legally recognized federally in the U.S. thanks to the so-called "Defense of Marriage Act." Just slightly more than half of lesbian and gay respondents were aware that Social Security income and benefits are not transferable to the spouse or partner in a same-sex couple, and only 36 percent wee aware that Federal taxes on survivor assets and benefits are different for the spouse or partner in a same-sex couple than for that of a straight married couple.

Outside of the Wells Fargo survey and the issue of marriage equality, there are several other factors affecting the financial well-being of LGBT people. The discrimination faced by LGBT people, particularly transgender people and LGBT people of color, can affect opportunities for basic needs like employment and healthcare coverage. A study conducted by Prudential Financial Inc. last year highlighted the importance of financial services that address the needs of LGBT people, and CNN Money recently highlighted the financial hardships affecting transgender Americans