Sussex LGBTQ+ community more likely to face poverty in retirement, says law firm

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Almost half (44% ) of LGBTQ+ identifying people are on track to face poverty in their retirement – with stats revealing their current pension pots due to glean less than £54 per week for food, with no extra cash to set aside for a car, or mortgage payments.

Almost half (44%[1]) of LGBTQ+ identifying people are on track to face poverty in their retirement – with stats revealing their current pension pots due to glean less than £54 per week for food, with no extra cash to set aside for a car, or mortgage payments.

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With Sussex home to some of the highest numbers of LGB+ residents[2] - including Brighton and Hove, which took top spot in the UK at 10.73%[3] of people, compared to a national average of just 3.3% - lawyers from Sussex-based law firm Mayo Wynne Baxter are calling for more people within the community to urgently consider their estate planning.

Data also shows that cities in Sussex are among the most expensive places to live in the UK[4], a combination lawyers are suggesting could be a ‘recipe for disaster’ without future planning.

Matt Parr Partner Mayo Wynne BaxterMatt Parr Partner Mayo Wynne Baxter
Matt Parr Partner Mayo Wynne Baxter

Matt Parr, a member of the LGBTQ+ community and private client partner at Mayo Wynne Baxter, commented: “Unfortunately, there are long-standing misconceptions within the LGBTQ+ community that there is no need to consider estate planning, prepare a will or lasting power of attorney. For many this is because they feel disconnected from issues like retirement – considering it a ‘problem for future me’, or that certain legal provisions will simply ‘happen’ when they die.

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“I believe this comes down in part to entrenched feelings within our community about a lack of future and the inability to plan for the same – something we in the legal and financial industry must work hard to break down. Considering we have some of the highest proportions of LGB+ identifying residents across Sussex and a significant number identifying as transgender, or a different gender to the one they were assigned at birth, living in one of the most expensive regions, without proper planning, living in the moment could be a recipe for disaster in the future.”

The report from pension provider Scottish Widows shows that LGBTQ+ people are more likely to struggle to afford basics in later life, compared to 35% in the general population, because they typically earn less on average.

“There is a stereotype and misconception that people in the LGBTQ+ community are wealthier, with more spare cash for themselves, but this simply isn’t the case for most people,” explains Matt.

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“There is a perception that the majority do not have children to support and are therefore, able to focus more on their careers. When in reality people within the LGBTQ+ community are more likely to take time off work for mental health conditions, are more likely to experience

estrangement from family support networks who could offer financial support and more likely to move jobs more frequently after experiencing discrimination.

“This is before considering any gender-affirming procedure costs – all leading to less opportunity to put money aside into pensions and savings.

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“It’s really important that everyone – especially the LGBTQ+ community given the statics - consider putting in place provisions for the future.”

For more information please visit: https://www.mayowynnebaxter.co.uk/

[3] 2021 UK census – sexual orientation statistics