On April 3, the Human Rights Campaign Foundation (HRC), the educational arm of the nation’s largest lesbian, gay, bisexual, transgender, and queer (LGBTQ+) civil rights organization, released a report in partnership with Community Marketing & Insights featuring data collected from 1,899 LGBTQ+ adults (age 18 and older) in the United States. The report, which comes at the start of Financial Literacy Month, fielded survey responses about financial wellness within the LGBTQ+ community and highlights the unique economic challenges that many in the community often face. Some of its top findings include:
- Roughly half (48.15%) of LGBTQ+ adults say they are financially unwell, compared to one-quarter (25.7%) of the general public. Both BIPOC and younger (age 18-24) LGBTQ+ adults are even more likely to say they are financially unwell.
- Three in ten (30.8%) LGBTQ+ adults say they have experienced discrimination while accessing financial services
LGBTQ+ individuals face unique economic challenges and setbacks, often grappling with poverty at a disproportionate rate compared to their non-LGBTQ+ peers and earn only about 90 cents for every dollar earned by the average worker. Moreover, the persistence of anti-LGBTQ+ legislation and a patchwork of legal protections at both national and state levels leaves the community vulnerable and lacking fundamental protections against discrimination. The HRC seeks to increase awareness by shining a light on the economic inequalities facing the LGBTQ+ community through the reporting of HRC’s Public Education and Research and Economic Empowerment programs.
“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,” said Charleigh Flohr, Associate Director of Public Education & Research at the Human Rights Campaign Foundation. “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 research is part of a larger effort at HRC to broaden its programming around economic empowerment. In June of 2023, HRC Foundation launched the financial wellness app WorthIt. Tailored to the needs of LGBTQ+ adults ages 18 to 44, WorthIt aims to expand access to much-needed tools and information and help community members meet their financial goals. This month, the Foundation is also completing a pilot of a new 12-week cohort-based learning program, Next Level, focused on wellness, financial health and job readiness.
“The data underscore the need for our economic empowerment programs, especially for younger BIPOC LGBTQ+ folks,” said Maruka Rivers, Director of Economic Empowerment Programs at the Human Rights Campaign Foundation. “Given what we know about who is struggling the most, these organizations have an opportunity to center BIPOC young adults by being culturally responsive, trauma informed and offering voice and choice to young people.”
To read the full 2024 LGBTQ+ Financial Wellness report, click here.
More information on HRC Foundation’s economic empowerment programming visit https://hrc.im/economicempowerment.