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Real Financial Issues in the LGBTQ+ Community

Real Financial Issues in the LGBTQ+ Community

September 14, 2023

All require continued efforts towards equality and inclusive policies 


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.

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 you create a personalized roadmap specifically tailored to your goals – 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 article was prepared by FMeX.

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