Is the LGBTQ Community Going Broke? HRC Shares Data

April 3, 2024
ALEXANDER

Is the LGBTQ Community Going Broke?

HRC, together with Community Marketing & Insights, released a new report that doesn't bode so well for the financial strength of the LGBTQ community. The joke has always been that the gays are rich because we don't have kids and have two incomes. Well, times have changed! Half of the LGBTQ community reports that they are financially unwell, as compared to a quarter of the general public. Rates are even worse for LGBTQ youth (18-24) and BIPOC, not surprisingly. Also, 3 in 10 have reported discrimination in trying to procure financial services. The economy has affected us all, and having a full-time job is still not enough to maintain the cost of living. HRC reports there's even more than the economy at play.

The report shows that LGBTQ workers make 90 cents for every dollar from the general employee group. Stigmas in the workplace still remain and state anti-LGBTQ legislation in process is not helping the situation. There's confusion as to discrimination restrictions at work from the national and state levels. Some employees report a retreat back into the closet to fit in or avoid persecution or being limited at their job because of their sexual or gender identity.

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HRC states: “The LGBTQ+ community was economically decimated during the COVID-19 pandemic, and this report shows that, nearly four years since the start of the pandemic, many continue to struggle financially. This report is a snapshot into the financial challenges that many LGBTQ+ people navigate, including poverty and discrimination while accessing financial services. Our economy cannot truly thrive until we all thrive. From policymakers to financial institutions to advocates, more needs to be done to ensure our LGBTQ+ community members can succeed financially.”

This report comes as HRC works to build financial empowerment in the LGBTQ community. This past June, they launched the financial wellness app WorthIt, aimed at LGBTQ+ adults ages 18 to 44 with a series of financial tools and information to help individuals reach their financial goals.

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Here are the key findings from HRC's new financial report:

LGBTQ+ People vs. The Average American

Roughly half (48.15) of adults say they are financially unwell, compared to one-quarter (25.7%) of the general public.
Nearly 60% (59.7%) of adults have annual household incomes below $75,000.

Race and Ethnicity

BIPOC LGBTQ+ adults, specifically Black and Latine LGBTQ+ adults, are more likely than their white counterparts to feel like they are not doing well financially.
LGBTQ+ Say they are not doing well financially:

White adults: 46.4%
BIPOC adults: 49.5% o
Black/African American adults: 51.8%
Latine/Hispanic adults: 52.3%

Age

58.4% of young LGBTQ+ adults (18-24) say they are not doing well financially, more than adults over the age of 24.

Discrimination in Financial Services

Three in ten (30.8%) LGBTQ+ adults say they have experienced discrimination while accessing financial services

The Impact of Discrimination on Financial Wellness

(67.6%) of LGBTQ+ adults who did not report discrimination say they are doing better or about the same compared to a year ago, compared to (54.3%) who did experience discrimination.

How have you been impacted financially? What is your feeling towards HRC's report?