The LGBTQ+ community is "crying out" for retirement guidance, advice, and support, according to research from Barnett Waddingham, which showed that although the vast majority (93 per cent) would seek advice for retirement, nearly a third would be unsure who to trust.

The LGBTQ+ At Retirement Reckoning report, based on a nationally representative survey of 5,000 people, found that just 7 per cent said they wouldn’t seek advice about their retirement planning.

However, the report noted that about 30 per cent of respondents seemed “resistant” to getting advice or guidance about their retirement planning.

At least 30 per cent said they wouldn’t seek it from their employer or financial adviser, 28 per cent from the government, and 25 per cent from online retirement planning tools.

Barnett Waddingham partner, Paul Leandro, said that the research showed LGBTQ+ people were "more open" to receiving advice than their straight counterparts.

“There’s also a higher preference for online over in-person support,” he continued.

“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,” Leandro added.

The research also revealed that LGBTQ+ individuals were more likely to be single and childfree as they approached retirement, highlighting the need for products and services with involvement and engagement of the community.

Leandro explained: “The LGBTQ+ experience is diverse, but some commonalities exist. LGBTQ+ people are more likely to be single, child-free, or even cut off from their families.

“As a result, the prospect of community in retirement can provide stability and safety and mitigate the risk of isolation and loneliness.”

Indeed, 73 per cent of LGBTQ+ people would find a community focused on socialising set up by their pension provider helpful, as they were almost twice as likely to aspire to find a community when they retire.

Meanwhile, the report also revealed that trans employees were more likely to have a defined benefit (DB) pension scheme, with 50 per cent having such a scheme compared to 30 per cent of cis individuals.

As a result, 79 per cent of trans employees were confident about retiring with a comfortable income.

This was higher than the average UK adult (58 per cent) and the LGBTQ+ community (64 per cent).

However, a significant portion of trans people aged 45-54 (38 per cent) did not believe they would live beyond the age of 67, which is the future state pension age, almost eight times higher than the percentage of cis people (5 per cent).

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