ALEXANDRIA, Va. (May 23, 2022) — A new study by The Motley Fool and the Debt Free Guys finds that nearly half (48%) of LGBTQ+ Americans have experienced discrimination from someone in the financial services industry. Additionally, a similar percentage (44%) say it has contributed to lack of financial security.
The data, part of a larger study on LGBTQ+ money conducted by The Motley Fool in partnership with the Debt Free Guys, surveyed 2,005 LGBTQ+ Americans about their personal finances. The April 2022 study reveals the challenges LGBTQ+ people continue to face that prevent them from achieving long-term financial health and generational wealth.
“As a member of the LGBTQ+ community, I believe this research is important in raising awareness of the ongoing discrimination and disparities our community faces,” said Alicia Aldrich, director of public relations at The Motley Fool. “I hope this data can be used as a tool to drive positive change for current and future generations. With a better understanding of LGBTQ+ Americans and their financial health, we can create a more inclusive and equitable financial system for all, and really do the world smarter, happier and richer.”
Other key findings from The Motley Fool and the Debt Free Guys LGBTQ+ money study include:
- LGBTQ+ Americans are less likely to use important financial tools than Americans overall, and most feel unprepared to make important financial decisions. Only 37% of LGBTQ+ Americans have a retirement account such as a 401(k) or IRA, compared to 51% of Americans overall, and 44% have a non-retirement brokerage account, compared to 56% of Americans together.
- Two-thirds (66%) of LGBTQ+ Americans experience high financial stress. Tracking the cost of living and preparing for a financial emergency are their top financial priorities and concerns.
- Compared to Americans overall, LGBTQ+ Americans are more likely to have student loan debt (37% to 21%), credit card debt (56% to 45%), and personal loan debt (37% to 6%). They are also less likely to have a mortgage (26% to 40%).
“Many Americans, including financial services professionals, believe that LGBTQ+ Americans achieved equality in 2015 with the Supreme Court’s ruling on marriage equality. As with gender pay gaps and races, financial equality and wealth gaps persist for many LGBTQ+ Americans. Data showing these gaps have been sparse and we are often left out when data is collected on personal finances in America,” said David and John Auten-Schneider of Debt Free Guys and the Queer Money podcast.
“Many LGBTQ+ Americans feel left out of the conversation about money or exclude themselves because they feel traditional financial services are not authentically inclusive. With this new data, we and The Motley Fool are highlighting personal financial needs of the LGBTQ+ community and ways financial services companies can serve the LGBTQ+ community year-round instead of celebrating with us in June for Pride Month.”
To view the full study, visit www.fool.com/research/lgbtq-money-study/.
For more information or to schedule an interview, email [email protected]
About Motley Fool Holdings, Inc.
Founded in 1993 in Alexandria, Virginia by brothers David and Tom Gardner, The Motley Fool Holdings, Inc. is a financial services company dedicated to making the world smarter, happier and wealthier. The Motley Fool reaches millions of people around the world every day through its innovative investment solutions, podcasts, books, newspaper columns, media appearances and the nonprofit Motley Fool Foundation. For more information, visit www.fool.com.
About Debt Free Guys
David and John Auten-Schneider are the Debt Free Guys® and hosts of the Queer Money® podcast. These two LGBTQ+ personal finance bloggers and podcasters are on a mission to help queer people and their allies live fabulously, not fabulously broke. For more information, visit www.debtfreeguys.com Where www.queermoneypodcast.com.