ALEXANDRIA, Va. (May 23, 2022) — New research by The Motley Fool and the Debt Free Guys reveals that nearly half (48%) of LGBTQ+ Americans have experienced discrimination by someone in the financial services industry. What’s more, a similar percentage (44%) say that has contributed to lack of financial security.
This data, which is part of a bigger LGBTQ+ Money Study 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 feel that this research is important in bringing awareness to the continued discrimination and disparities our community faces,” said Alicia Aldrich, PR Director at The Motley Fool. “I’m hopeful this data can be used as a tool to drive positive change for current and future generations. Through a better understanding of LGBTQ+ Americans and their financial health, we can create a more inclusive and equitable financial system for all, and truly make 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 utilize important financial tools than Americans overall, and most don’t feel ready 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 overall.
Two-thirds (66%) of LGBTQ+ Americans experience a high amount of financial stress. Keeping up with the cost of living and being ready 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, feel that LGBTQ+ Americans achieved equality in 2015 with the Supreme Court’s ruling on marriage equality. As with gender and racial pay gaps, financial equality and wealth gaps persist for many LGBTQ+ Americans. Data showing these gaps has been few and far between, and we’re often excluded when data is collected about personal finances in America,” said David and John Auten-Schneider of the Debt Free Guys and the Queer Money podcast.
“Many LGBTQ+ Americans either feel left out of the money conversation or exclude themselves because they feel that traditional financial services are not authentically inclusive. With this new data, we and The Motley Fool highlight the personal finance needs of the LGBTQ+ community and ways in which financial services firms can serve the LGBTQ+ community all year long versus only celebrating with us in June for Pride Month.”
To view the full study, visit www.fool.com/research/lgbtq-money-study/.
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About The Motley Fool Holdings, Inc.
Founded in 1993 in Alexandria, Va., by brothers David and Tom Gardner, The Motley Fool Holdings, Inc. is a financial services company dedicated to making the world smarter, happier, and richer. The Motley Fool reaches millions of people around the globe every day through its innovative investing solutions, podcasts, books, newspaper columns, media appearances, and non-profit The 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 allies live fabulously, not fabulously broke. For more information, visit www.debtfreeguys.com or www.queermoneypodcast.com.
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