As Seen in Forbes: Taking Pride in Financial Literacy: Safe Resources for LGBTQ+ Financial Education
“The recent Supreme Court decision making it illegal to fire LGBTQ+ people in the workplace will have such positive effects on hiring, retention and promotion of LGBTQ+ talent,” says Jonathan Lovitz, senior vice president of the National LGBT Chamber of Commerce (NGLCC).
“But we won’t be able to continue shattering glass ceilings for our community, especially our young future leaders, unless we help them build strong financial nest eggs as they begin their working lives,” Lovitz says. “Only half of my fellow Millennial LGBTQ+ workers rate their current financial situation positively, with more than 60% saying their savings wouldn’t last more than three months.”
It’s not unheard of for members of the LGBTQ+ community to feel unwelcome or unsafe in typical consumer finance environments like banks. Those in the transgender community often face additional struggles, including inequitable access to credit and housing discrimination.
A 2018 Experian survey reported that 62% of the LGBTQ+ community who were surveyed reported having faced financial challenges because of their identities. As well, a 2019 survey from Nancy reported that 52% of people identifying as queer have anxiety about their financial situations.
So, where can members of the LGBTQ+ community boost their financial prowess and feel safe doing so?
It’s time to activate the internet to improve your financial savvy. LGBTQ+ people can dive into the following resources privately and without fear of judgment for what you do or don’t already know. No matter your age, employment or socioeconomic status, the resources below are accessible and can take the stigma out of seeking help when you’re dedicated to learning more about money.
And the best part? Every resource below is free—a bonus to those looking to pay down debt and keep expenses under control.
