As Seen in Money Geek: 5 Financial Factors Impacting the LGBTQ+ Community
Pride Month marks a month of celebration, education and reflection for members of the LGBTQ community and its allies, and while there’s a lot to celebrate, there’s a lot to reflect on as well.
Over the last 10 years, the LGBTQ+ community has made great strides in gaining legal and civil rights. A 2020 report from the Movement Advancement Project (MAP) compared the equality status of LGBTQ+ citizens in each state and found significant improvement in some areas.
In 2010, there were only five states that banned health care discrimination based on gender identity and sexual orientation, and by 2020 the number has risen to 13 states.
· While 33 states made it extremely difficult to update gender identifiers on driver’s licenses in 2010, only nine states still hold these stringent requirements.
Still, there is significant progress needed to achieve total equality, notably in legal and financial matters. In a 2018 survey by Experian, 62% of LGBTQ respondents said they had experienced financial problems because of their gender identity or sexual orientation. Challenges they faced included housing discrimination, wage discrimination and lack of career advancement.
In the spirit of Pride Month also being about education, here are five financial factors and challenges that LGBTQ+ people may face, along with the insight and tips they need to build a sound financial future.
Housing
Housing discrimination is an issue that can affect members of the LGBTQ+ community, regardless of their income. According to Experian, 11% of LGBTQ+ survey respondents reported discrimination leading to higher housing costs.
According to the U.S. Department of Housing and Urban Development, only 24 states have laws that prevent housing discrimination based on gender identity or sexual orientation. Some states only protect against housing discrimination for either gender or sexual orientation, but not both.
