Throughout their lives, LGBTQ+ individuals experience difficulties around their finances, as social exclusion and discrimination affect every aspect of their lives.
While the community has made significant strides in terms of legislative freedoms, things are still far from equitable – especially from a financial standpoint.
Minority groups in the US often get left behind by traditional financial services, and the queer community is no different. According to one survey conducted by the National Endowment for Financial Education, 30% of LGBTQ+ adults experience discrimination or exclusion from financial services.
When it comes to the current financial state of the queer community, research shows that it has less earning power than its hetero counterpart. On average, bisexual men earned $85,084 per year, heterosexual men earned $83,469, gay men earned $56,936, heterosexual women earned $51,461, lesbian women earned $45,606, and bisexual women earned $35,980.
Moreover, studies also found that LGBTQ+ folks are less likely to have disability or critical care insurance, a will or estate plan, or even a mortgage or retirement account.
Additionally, CNBC research shows that a same-sex couple is 73% more likely to be denied a mortgage than an opposite-sex couple. Nearly 40% of LGBTQ+ respondents in a recent study said the quality of their financial lives has turned out worse than they expected.
Going forward, policymakers need a new approach to narrow the financial inclusion gap by advancing LGBTQ+ equality.
The LGBTQ+ Community Experiences Increasing Financial Inequality
- Victor Diaz-Herman
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