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Report: Two-thirds of LGBTQ+ Americans have a ‘high amount of financial stress’

Almost 1 in 3 Americans who identify as LGBTQ+ stress daily about their finances, and almost half experience discrimination from financial services.

Report: Two-thirds of LGBTQ+ Americans have a ‘high amount of financial stress’
[Source Images: Getty]

Ahead of Pride Month 2022, which starts tomorrow, June 1, the Motley Fool (in collaboration with the Debt Free Guys) has released the results of a survey it conducted about the financial well-being of the LGBTQ+ community.

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The results are eye-opening, especially when you consider that people who identify as LGBTQ+ make up around 7% of the U.S. population and have a combined purchasing power of $1.4 trillion, according to The Pride Co-op.

Among the survey’s findings:

  • A full two-thirds of LGBTQ+ respondents said they have a high amount of financial stress. That includes 28% who say their average day financial stress is “very high.”
  • 32% of all LGBTQ+ respondents say they stress about their finances on a daily basis.
  • The top three financial worries for LGBTQ+ respondents were keeping up with the cost of living (67% of respondents), unplanned financial emergencies (60%), and making the right investment choices (41%).
  • Unfortunately, nearly half (48%) of LGBTQ+ respondents said they had experienced discrimination by those in the banking, financial services, or investing industries. That number jumps to 67% among those who identify as transgender.
  • As for debt, 37% of LGBTQ+ respondents said they had student loan debt, while 56% said they had credit card debt. This is well above the average of the U.S. population in general, which is 21% for student loan debt and 45% for credit card debt. However, LGBTQ+ respondents had a median student loan debt of $12,000 compared to a U.S. average of $22,000.
  • When it comes to health insurance, 14% of LGBTQ+ respondents said they do not have health insurance coverage. The total U.S. population without health insurance is just 9%.

Motley Fool’s complete report goes into much more depth on financial issues surrounding the LGBTQ+ community and is well worth a read. The report’s findings were reached after surveying 2,005 Americans on April 18.

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About the author

Michael Grothaus is a novelist, journalist, and former screenwriter. His debut novel EPIPHANY JONES is out now from Orenda Books. You can read more about him at MichaelGrothaus.com

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