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Report: LGBT Americans Still Earning Less Than Straight People, Not Saving Enough For Retirement

A frightening 41% of LGBT people say they are struggling financially.

A new Prudential Financial survey of LGBT Americans has found that, in the year since the Supreme Court's decision on marriage equality, LGBT Americans have started worrying more about lifetime financial security and saving for retirement than they do LGBT-specific rights issues.

The findings differ greatly from a 2012 Prudential survey that found LGBT rights issues were the top concern among LGBT Americans.

The organization claims the marked difference can be directly attributed to the Supreme Court's decision, as more gay couples than ever before filed joint tax returns last year. Simplifying finances has couples thinking about financial security, and it's raising their "concerns over legal and institutional barriers to achieving financial success."

Those institutional barriers, according to an analysis by Time, are affecting LGBT people now at rates higher than they were four years ago:

41% of LGBT people say they are struggling financially, compared with 31% of people who felt the same way the last time the survey was conducted, in 2012, and 27% of the general population. LGBT people also carry more debt than they did four years ago: 21% reported owing more than $50,000, up from 19% in 2012.

Gays and lesbians, on average, still earn less than heterosexual workers, and in many states don’t enjoy the same legal protections when it comes to employment. For example, the average 46-year-old gay man makes about $56,936, compared with the average straight man, who makes $83,469.

"As an older person, I see a dramatic change in society," a lesbian Baby Boomer indicated in the report.

"There is a comfort level and emotional security for LGBT that I never thought I would see in my lifetime. I did not realize before how important the right to marry was. It includes people in society, and allows them to participate as a family like everyone else."

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