Media Release

While thousands of LGBTQI couples are set to be married this year, there’s a common gap still lagging - the gender pay gap where LGBTQI women are being left behind.

New research from St.George Bank reveals a gender pay gap exists within the LGBTQI community, with women earning on average 25% less than men. In addition, 60% of LGBTQI women surveyed earn less than $40,000 compared to 42% of LGBTQI men.

The St.George LGBTQI Financial Wellbeing Report, the first of its kind for an Australian financial institution, uncovers the financial needs of this community including their household finances, overall wealth and financial outlook.

Ross Miller, General Manager for St.George says the research was undertaken to help the bank understand more about the financially diverse needs of LGBTQI families.   

“As an inclusive family bank, we are committed to helping all our customers, including seniors, multicultural Australians and the LGBTQI community. The report is an important step for us to identify and understand the financial needs of LGBTQI Australians.”

While a gender pay gap¹ exists within the LGBTQI community, on a like-for-like comparison², the gap is smaller amongst LGBTQI Australians than their hetero counterparts. The findings show LGBTQI women earn 18% less than LGBTQI men, whereas hetero women earn 31% less than hetero men.

The superannuation gap is also smaller, with LGBTQI women having 56% of the super savings that LGBTQI men have, whereas hetero women have just 42% of the super savings of hetero men.

According to the report, LGBTQI women are five times more likely to incur expenses related to IVF or reproduction related services in the next 10 years than hetero women; they are less likely to be a home owner-occupier and less likely to benefit from shared expenditure in retirement.

“The report suggests LGBTQI women are feeling less of a pinch than hetero women when it comes to the gender pay and super gap, however they are doing it tough in other respects.

“We’re seeing some grave concerns impacting LGBTQI women with 63% surveyed saying they are worried about their ability to financially provide for themselves and their family, and 33% saying money is a source of conflict in their household.

“International Women’s Day is a timely reminder for us to enhance the financial wellbeing of all Australian women and St.George is here to alleviate some of their concerns through a range of options including setting up a financial plan,” said Ross.

When it comes to saving, 37% of LGBTQI Australians are saving for big life moments such as a wedding, behind saving for a holiday (69%), new car (49%) and a deposit for a property (42%).

“We know that saving for big life moments can be expensive that’s why St.George has a wedding saver and personal loan offer available for all couples looking for financial support ahead of their big day,” added Ross.

For more information visit: https://www.stgeorge.com.au/personal/wedding

Key findings

• Within the LGBTQI+ community, women earn on average 25% less pre-tax personal income than men ($43,650; cf. men $58,471)
• Three in five (60%) LGBTQI+ women earn less than $40,000 pre-tax personal income compared to 42% of LGBTQI+ men
• On a like-for-like comparison, LGBTQI+ women earn 18% less than LGBTQI+ men (LGBTQI+ women $57,381; cf. men$70,157), whereas Cis Hetero women earn 31% less than Cis Hetero men ($46,431 cf. Cis/Hetero men $67,253)
• LGBTQI+ women have 56% of the super savings that LGBTQI+ men have (LGBTQI+ women $117,246; cf. men $208,621), whereas Cis Hetero women have just 42% of the super savings of Cis Hetero men (Cis Hetero+ women $76,721; cf. men $184,639)
• LGBTQI+ women are five times as likely to incur major expenses on IVF or reproduction related services (including fostering / adoption) than their Cis Hetero counterparts.  
• 33% of LGBTQI+ women say money is likely to be a regular source of conflict in their household
• LGBTQI+ women are more likely to be worried about their ability to financially provide for themselves and their family (LGBTQI+ 63%, female national average 59%)
• LGBTQI+ women are less likely to have their living expenses shared with a partner in retirement (LGBTQI+ 29%, female national average 42%)
• LGBTQI+ women are less likely to be Home Owner-occupiers (LGBTQI+ 38%, female national average 50%)
• LGBTQI Australians are saving for a holiday (69%), new car (49%), deposit for a property (42%) and big life moments such as a wedding (37%).

 

Media Contact:

Dianne Edwards
St.George Bank
0421 623 014

 

About the report

The research was commissioned by St.George and conducted by Lonergan Research in accordance with the ISO 20252 standard. Lonergan Research surveyed 1,254 Australians, which included 826 members of the LGBTQI community. Surveys were distributed throughout Australia including both capital city and non-capital city areas. The survey was conducted online amongst members of a permission-based panel, between 25 July and 28 August 2017. After interviewing, data was weighted to the latest population estimates sourced from the Australian Bureau of Statistics

1.These calculations are based on average personal income, before tax. This includes both full and part time workers, as well as non-workers, and earnings from overtime pay, and any income earned from sources outside typical employment. This differs from the WGEA calculations, which are based on full time average weekly earnings only.

2. Due to age and location imbalances in the LGBTQI+ population (LGBTQI+ Australians are overly represented in the younger age groups and Sydney metro region), in making comparisons to the Cis Hetero population, the LGBTQI+ ages and locations are weighted to match the general population.