#034: Financial Challenges for the LGBTQ+ Community
Life is Life!
English - February 28, 2020 14:00 - 1 hour - 50.4 MB - ★★★★★ - 6 ratingsEducation Business personal finance financial literacy financial education credit cards debt student loans Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
A study from the credit bureau Experian found that 62% of LGBTQ individuals experienced financial challenges because of their sexual orientation or gender identity.
Joining us on the show is David Rae, Certified Financial Planner™, Accredited Investment Fiduciary™, and President / Founder of DRM Wealth Management LLC. David joins us to provide some insight as to what kind of financial challenges members of the LGBTQ persons face compared to the general population, as well as tips on how to better your financial situation regardless of your sexual orientation or gender identity.
According to the 13th LGBTQ Community Survey from San Francisco-based Community Marketing:
On top of the emotional stress, life can also be financially stressful because of job insecurity and the inability to pursue higher incomes.
LGBTQ persons can be fired for being gay or transgender in more than half of the 50 states.Transgender people are more likely to have household incomes of $12,000 or less. In fact, according to the most recent U.S. Transgender survey, 29 percent of respondents are living in poverty, compared with just 12 percent of the general population.Additionally, members of the LGBTQ Community face financial challenges such as:
Pay GapGay Men earn about 69 cents on the dollar to their straight male peersLesbian Women earn about 89 cents on the dollar to their straight female peersHigher Living CostsAreas traditionally more welcoming to LGBTQ persons come with higher price tags. For example, Manhattan and San Francisco are well known for being both LGBT-friendly and budget-unfriendly. Living costs in the respective areas are 195 percent and 118 percent above the national average, according to research firm Sperling's Best Places. States with the lowest living costs – West Virginia and Arkansas at 17 percent below the national average and Oklahoma at 16 percent below average – are also among the 20 states that do not have hate crime laws specifically protecting LGBT people.Retirement7 in 10 LGBTQ Americans say they are behind on saving for retirement. AIDS Epidemic: Many gay men now in their 60s - 80s didn't save for their retirement or old age because they didn't expect to survive the AIDS epidemic.