NEW DATA: LGBTQ+ Community Continues to Face Financial Challenges Compared to Peers

by Laurel Powell •

Human Rights Campaign Foundation (HRC) report finds LGBTQ+ community twice as likely to report feeling financially unwell; three in ten report experiences of discrimination while accessing financial services

WASHINGTON – Today, 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. Through the reporting of HRC’s Public Education and Research and Economic Empowerment programs, we seek to increase awareness by shining a light on the economic inequalities facing the LGBTQ+ community.

“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.”

Charleigh Flohr, Associate Director of Public Education & Research at the Human Rights Campaign Foundation

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. I hope the data are a call to action for organizations serving our community. 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.”

Maruka Rivers, Director of Economic Empowerment Programs at the Human Rights Campaign Foundation

Key Findings from the Financial Health and Wellness in the LGBTQ+ Community Study

LGBTQ+ People vs. The Average American

  • Roughly half (48.15) of LGBTQ+ adults say they are financially unwell, compared to one-quarter (25.7%) of the general public.

  • Nearly 60% (59.7%) of LGTBQ+ 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.

  • Say they are not doing well financially:

  • White LGBTQ+ adults: 46.4%

  • BIPOC LGBTQ+ adults: 49.5%

  • Black/African American LGBTQ+ adults: 51.8%

  • Latine/Hispanic LGBTQ+ adults: 52.3%

Age

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

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.

The Human Rights Campaign reports on news, events and resources of the Human Rights Campaign Foundation that are of interest to the general public and further our common mission to support the LGBTQ+ community.

Contact Us

To make a general inquiry, please visit our contact page. Members of the media can reach our press office at: (202) 572-8968 or email press@hrc.org.