Why your love life could be influencing your retirement planning
New research by The Open University and PensionBee reveals how sexual orientation and plans for future children shape motivation to save for retirement
NEW YORK, Dec. 03, 2025 (GLOBE NEWSWIRE) -- A landmark study by , a leading retirement provider, and has uncovered a striking ‘legacy gap’ between gay and straight men – not in how much they save for retirement, but in why they save.
Drawing on data from more than 28,000 UK retirement accounts and surveys of over 1,300 PensionBee savers, the research, “A Legacy for the Kids? The Impact of Sexual Orientation on Pension Investment Motives in the UK,” found that sexual orientation does not affect total retirement savings, but it does influence saving motivations.
Same savings, different goals
Straight men without children were significantly more likely than gay men to say they save to leave money to future dependents. Once men become parents or caregivers, the gap seems to get smaller. Sexual orientation did not significantly predict saving motives among women.
“Even before becoming parents, social expectations about family formation shape how men think about their financial futures and responsibilities,” commented lead author Dr. Peter Hegarty from The Open University. “The imagination of the future clearly bears on the motives in the present.”
The study builds on decades of U.S.-based research focused on wealth and sexuality, the majority of which examines earning discrepancies between gay, lesbian, and bisexual women and men and their straight counterparts. The findings introduce a behavioral dimension to the debate of how our love lives shape not just individual financial well-being, but attitudes towards the financial well-being of children, including those who have yet to be born.
Rethinking financial inclusion
The findings further suggest that financial systems and retirement communications may unconsciously rely on heteronormative assumptions – potentially alienating customers who don’t identify with traditional family structures.
"Financial messaging that emphasizes intergenerational wealth transfer may resonate with straight savers but could fail to engage all savers equally," said Jasper Martens, PensionBee Global CMO and study co-author. "While this research was focused on the UK, the impact on savings motivations feels universal.”
The study calls on the financial services industry to modernize retirement education by:
- Recognizing diverse family structures and life goals.
- Training professionals to understand differing savings motivations.
- Ensuring retirement communications engage all savers equally.
Jonathan Lister Parsons, PensionBee Co-Founder and study co-author added: “This research shows that financial planning is influenced not only by income or opportunity, but by the families we imagine for ourselves. The findings underline why inclusive financial education and communication are so vital.”
This peer-reviewed paper has been accepted for publication in the Journal of Homosexuality.
Note: This research was supported by funding from the European Union's Horizon 2020 research and innovation program under the Marie Skłodowska-Curie grant agreement and from PensionBee, and the Open University’s Open Psychology Research Centre.
About PensionBee
PensionBee (LON:PBEE) is a leading retirement savings provider, helping people easily consolidate, manage, and take control of their retirement savings. The company manages over $9 billion in assets and serves approximately 300,000 customers globally, with a focus on simplicity, transparency, and accessibility. PensionBee offers Traditional, Roth, SEP and Safe Harbor IRAs with ETF-backed portfolios that include SPY and MDY from State Street Investment Management, one of the world’s largest asset managers.
Notes
The information provided in this announcement, including any projections for investment returns and future performance, is for informational and educational purposes only and should not be considered investment advice. Past performance is not indicative of future results. All investments carry risk, including the potential loss of principal. PensionBee is not liable for any losses or damages arising from the use of this information. Projections and forecasts are based on assumptions and current market conditions, which are subject to change.
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