Palm Springs Office

777 E Tahquitz Canyon Way,

Suite 200-58
Palm Springs, CA 92262
Financial Factors Impacting the LGBTQ+ Community

Financial Factors Impacting the LGBTQ+ Community

September 13, 2023

The LGBTQ+ community has long faced financial challenges and disparities, largely due to societal discrimination and inequality. Despite progress towards LGBTQ+ rights and recognition, there are still several financial factors that impact the community.

Here are five:

Employment Discrimination:

Employment discrimination against the LGBTQ+ community remains a significant issue, with studies showing that members of the community are more likely to experience workplace discrimination and harassment than their non-LGBTQ+ peers. This can result in lower income, lack of benefits, and lower retirement savings, all of which can have long-term financial impacts.

Health Care Costs:

Access to healthcare is crucial for everyone, but members of the LGBTQ+ community may face additional financial barriers to care. Higher rates of mental and physical health conditions among the community, combined with lower rates of insurance coverage, can result in significant health care costs. This can lead to financial strain, medical debt, and lower overall financial stability.

Family Planning:

LGBTQ+ couples and individuals may face significant financial challenges when it comes to family planning. The cost of adoption or surrogacy can be prohibitive, and many insurance policies do not cover fertility treatments for same-sex couples. Additionally, the lack of legal recognition for same-sex marriage in some areas can complicate financial planning and inheritance issues.

Housing Discrimination:

Housing discrimination remains a significant issue for the LGBTQ+ community, with studies showing that same-sex couples are less likely to be approved for housing and may face discrimination in the rental or home buying process. This can result in higher housing costs, lack of access to affordable housing, and limited homeownership opportunities.

Retirement Savings:

LGBTQ+ individuals are less likely to have access to employer-sponsored retirement plans than their non-LGBTQ+ peers, which can result in lower retirement savings and a lack of financial security in later years. Additionally, same-sex couples may not be able to take advantage of certain tax benefits and Social Security benefits that are available to heterosexual couples.

Addressing these financial disparities will require continued efforts towards equality and inclusive policies. By working towards greater financial stability and security, we can create a more equitable and just society for all.



According to a recent Experian survey, over 1/3 of the LGBTQ+ community reported having bad spending habits that they would like to change. This statistic highlights the need for individuals to take control of their finances and develop healthy spending habits. Let’s explore some strategies for improving spending habits and achieving financial stability.


  1. Create a Budget: The first step in improving your spending habits is to create a budget. This involves tracking your income and expenses to determine where your money is going each month. Once you have a clear understanding of your spending habits, you can identify areas where you may be overspending and make adjustments accordingly.
  2. Cut Back on Discretionary Spending: One of the most effective ways to improve your spending habits is to cut back on discretionary spending. This includes things like eating out, entertainment, and impulse purchases. By setting limits on these types of expenses, you can free up money to put towards more important financial goals, such as paying off debt or saving for retirement.
  3. Use Cash: Another strategy for improving your spending habits is to use cash for discretionary purchases. This can help you avoid overspending and keep better track of your expenses. When you have a limited amount of cash on hand, you are forced to make more intentional and thoughtful purchases.
  4. Avoid High-Interest Debt: High-interest debt, such as credit card debt, can be a major obstacle to achieving financial stability. If you have outstanding balances on credit cards or other high-interest loans, make paying them off a top priority. This may involve making sacrifices in the short term, but it will pay off in the long run by reducing your overall debt burden and freeing up money for other financial goals.
  5. Seek Professional Help: If you are struggling with bad spending habits or other financial challenges, don't be afraid to seek professional help. Financial professionals, credit counselors, and other financial experts can provide guidance and support to help you improve your finances and work towards your goals.

Improving spending habits is an important step towards pursuing financial stability and independence – so you can take control of your finances and build a confident financial future.



Finding a financial planner who is LGBTQ+ friendly can be challenging. It is important to find someone who not only understands the unique financial challenges that LGBTQ+ individuals and families face but is also accepting and supportive of the LGBTQ+ community. The following are strategies to help you find an LGBTQ+-friendly financial planner.

Ask for Recommendations: The first step in finding an LGBTQ+-friendly financial planner is to ask for recommendations from friends, family, and colleagues who are also members of the LGBTQ+ community. They may be able to recommend someone who they have worked with and who they trust.

Look for Certifications: Look for financial planners who have specialized certifications that demonstrate their expertise in working with the LGBTQ+ community. For example, the Certified Financial Planner (CFP) designation requires financial planners to complete coursework in ethics and diversity, which can help ensure that they have a good understanding of the unique financial challenges faced by the LGBTQ+ community.

Research Online: Another strategy for finding an LGBTQ+-friendly financial planner is to research online. Look for financial planners who have experience working with LGBTQ+ individuals and families and who have positive reviews and testimonials from clients in the community.

Check Professional Organizations: Check with professional organizations like the National Association of Personal Financial Advisors (NAPFA) or the Financial Planning Association (FPA) to find financial planners who have expertise in working with the LGBTQ+ community.

Ask for References: Once you have identified potential financial planners, ask for references from current or past clients who are also members of the LGBTQ+ community. This can give you a better sense of their experience working with the community and how they approach financial planning.

Finding an LGBTQ+-friendly financial planner requires research and due diligence.

But by following these steps, you can work towards identifying a financial planner who not only understands the unique financial challenges faced by the LGBTQ+ community but is also accepting and supportive of the community. Working with an LGBTQ+-friendly financial planner can help you develop financial goals that align with your values and offer you the support and guidance you need to pursue them.


Key Take Aways:


  • An Experian survey found that 62% of LGBTQ+ respondents said their gender identity or sexual orientation caused them to experience financial challenges.
  • Having an LGTBQ+-friendly financial planner can help potentially uncover financial hurdles that many members of the LGBTQ+ community face.
  • Searching online for LGBTQ+-friendly financial planners is one way to find a financial professional, but when you meet with a potential professional, you should be prepared to ask about their experience working with LGBTQ+ clients.

Your Financial Professional

Almost all of us need to save more, manage our money better, follow a financial plan and ensure we have the proper estate planning documents memorialized. If you are concerned about how being a member of the LGBTQ+ community may affect your money, talk to your financial professional.

Your financial professional can help create a personalized roadmap specifically tailored to your hopes and dreams – with potentially far less worry than if you go at it alone.

Important Disclosures

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor.

All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.

This article was prepared by Financial Media Exchange. L.L.C.

LPL Tracking #1-05367715