Australia has come a long way on LGBTI rights but there is one place where it still lagging, the gender pay gap.
New research has found that there is gender pay gap that exists within the LGBTI community.
LBTI (lesbian, bisexual, trans and intersex) women earn an average wage 25% less than men.
On top of that 60% of LBTI women earn less than AU$40,000 a year (US$31,130) compared to 42% of LGBTI men.
The St.George LGBTQI Financial Wellbeing Report researched the financial needs of Australia’s LGBTI communities.
The report looked household finances, overall wealth and financial outlook.
Ross Miller, General Manager for St.George said 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,’ Miller said.
‘The report is an important step for us to identify and understand the financial needs of LGBTQI Australians.’
LGBTI people are better off
While there definitely is a gender pay gap in the LGBTI community, it is not anywhere near as bad as the gap between straight people.
The report found LGBTI women earn 18% less than LGBTI men, but heterosexual women earn 31% less than straight men.
LGBTI women are five times more likely to have to IVF or reproduction related expenses in the next 10 years than straight women. And 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,’ Miller said.
‘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.’