More than nine out of 10 LGBTQ+ individuals would seek advice about their retirement options, but one in three said they are unsure who to trust, according to new research.
To mark Pride Month 2025, Barnett Waddingham has conducted in-depth research about the specific retirement challenges facing this community.
Its research found that there was more willingness to seek advice options when compared to the non-LGBTQ people. In particular, the research highlighted that those in the LGBTQ+ community were 35 per cent more likely to utilise online chat and video options than those who did not identify in this way.
As with any group, the research found there was was a resistance among some to seek advice about retirement from certain sources. In total 30 per cent of the LGBTQ+ community said they wouldn’t seek advice from their employer. A similar percentage (28 per cent) said they would not seek advice from their financial adviser, or from the government, while a further 25 per cent said they would not seek advice from the government’s Pension Wise service, aimed at the over 50s.
However BW said these figures remain better across the board than non-LGBTQ people.
A spokesperson from BW adds: “LGBTQ people are crying out for guidance and advice around retirement, and are more open to receiving it than their straight counterparts.
“But there’s also a higher preference for online over in-person support. This may be due to a need for both physical and psychological safety, and a desire not to be judged in an in-person situation. Providers have a responsibility to demonstrate – with actions not just words – that the situations they set up to offer guidance and advice will be safe for all.”
The research also highlighted some of the specific challenges people face, with those in the LGBTQ+ community less likely to be with a long-term partner or have a child then when compared to the broader population.
Barnett Waddingham says: “The LGBTQ experience is a diverse one, but there are some commonalities. LGBTQ people are more likely to be single, childfree, or even cut off from their family. Older people are more likely to have been seriously affected by early mortality of friends and chosen family due to the AIDS epidemic in the 80s. As a result, the prospect of community in retirement can provide stability and safety, and mitigate the risk of isolation and loneliness. For the pensions industry, this provides an opportunity to specifically meet this need, which means designing products and services with involvement and engagement of the community.”
It’s research found that 73 per cent of LGBTQ people would find a community focused on socializing set up by their pension provider helpful.
