Pretty much everyone who is not Jeff Bezos is anxious about money, but a new survey shows that anxiousness is even more prevalent among the LGBTQ community.
The 2019 LGBTQ Money Matters Survey and corresponding series from Nancy, the WNYC podcast, and research firm Morning Consult, reveals that LGBTQ adults in the United States face higher levels of money anxiety. The survey found that a quarter of LGBTQ adults across the country say their sexuality or gender identity has impacted their personal finances, and LGBTQ adults report feeling more anxiety about finances than straight cisgender folks. More than half of LGBTQ adults associate money with anxiety—52%, compared to 41% of straight, cisgender people.
That could be related to the fact that, sadly, many LGBTQ individuals lose their financial safety nets after coming out. While one in three LGBTQ adults say they could rely on family and friends for financial support before coming out (35%), only one in five LGBTQ adults say they could rely on family or friends for support after coming out (20%). The full survey is available here.
This is part of a larger series from Nancy called Queer Money Matters, which will explore the intersection between the LGBTQ community and money in a series of daily podcast episodes kicking off on March 4. Episodes will look at LGBTQ stories surrounding those all-important life and financial milestones like healthcare, retirement planning, marriage, legal protections in the workplace, and starting a family (or not), which they hope will illuminate the all-too-real financial hurdles that LGBTQ individuals often face—hurdles that the cis, straight community may never see or think about.
Check out the first episode, “Queer Money Fear$,” from Nancy’s six-part series on surviving in a cis, het economy here, and subscribe for the rest of the series, which will run from March 4 through 8: