Life costs more when you’re queer.
Discrimination and stigma affects us in all areas of life and makes it harder for us to participate in the wealth-building activities many others take for granted.
Exclusion from Legal Protections
Only 22 states and Washington, D.C. explicitly prohibit housing discrimination based on sexual orientation and gender identity.
21 states and D.C. prohibit LGBTQ discrimination in public accommodations.
15 states protect against credit discrimination on the basis of sexual orientation and gender identity.
LGBTQ Discrimination in Education
LGBTQ students who experience discrimination and victimization in school are three times more likely than other students to miss school, twice as likely to be disciplined at school and twice as likely to forgo post-secondary education.
17% of trans people (22% of trans women and 15% of trans men and nonbinary people) drop out of school because of mistreatment.
45% of LGBTQ students say they avoid bathrooms at school because they feel unsafe or uncomfortable. 44% report the same for locker rooms, 40% for gym class, 26% for the cafeteria, and 25% for athletic fields and facilities. 11% of LGBTQ students say they avoid school grounds altogether.
Student Loans for Queer Borrowers
40% of LGBTQ borrowers reported being denied financial assistance for college due to their sexual orientation.
LGBTQ students take on an average $16,000 more in student loan debt than cishet peers.
LGBTQ college graduates are more likely than cishet peers to make less than $50,000 a year.
27% of LGBTQ borrowers have been prevented from buying a home because of student loan debt 41% delayed moving out, 23% were prevented from buying their first car, 19% from starting a family and 18% from getting married.
Employment Barriers for the LGBTQ Community
Nearly 10% of LGBTQ people have left jobs due to unwelcoming environments, and more than 50% of us say discrimination negatively affects our work environments.
Trans unemployment rates are three times that of the general population. Many trans folks have to hide or delay transitioning to avoid being mistreated at work.
People exhibiting high levels of gender nonconformity are more likely to be fired, not hired or denied a promotion due to gender identity.
Lack of Family Financial Support
53% of millennials overall rely on financial help from their parents — a lifeline many LGBTQ millennials don’t have access to.
This often forces LGBTQ workers to take lower-paying jobs to secure stability faster.
LGBTQ children are more likely to be left out of wills and miss out on inheriting familial wealth.
Lack of family support puts LGBTQ folks at higher risk of mental and physical health problems, substance use disorders, STIs, physical and sexual violence, intimate partner violence and housing insecurity.
An internalized survival mindset bred by lack of a financial safety net can cause low self-worth and prevent us from accessing wealth.
Queer Health Care Costs
22 states have passed anti-trans health care legislation.
56% of LGBT adults (70% of trans and gender-nonconforming individuals) experience discrimination from health care professionals. To receive adequate treatment, many of us have to educate our providers. Fear of discrimination deters many of us from accessing preventative care, which puts us at higher risk for detrimental health issues.
Things like medical transitions, an increased risk for physical health conditions (like cancer and cardiovascular disease), HIV prevention and treatment, mental health treatment, and family planning make health care costs higher for us than for cishet people.
People who live at the intersections of multiple systems of oppression — like sexism, homophobia, racism or ableism — experience compounded mistreatment and economic violence.
Compared to white peers, LGBTQ BIPOC are more likely to experience anti-LGBTQ discrimination when applying for jobs (32% versus 13%).
LGBTQ BIPOC are more likely than white peers to experience anti-LGBTQ discrimination from police (24% versus 11%).
LGBTQ BIPOC experience higher rates of psychological distress and suicidal ideation than their white peers.
We are the first generation of LGBTQ+ people who can live openly. We are everywhere the light shines, and it’s time for us to take the next steps in equality for our community, focusing on the wealth gap between us and the wider world. We’ve created Daylight for this purpose.
It’s our job to shine a light on LGBTQ+ money matters – starting with educating our community on all of the ways that the system is stacked against us and laying the foundations for great financial habits, making it easier for us to access fair financial products and working together to build the futures we deserve.
Get early access to Daylight. Join the waitlist today.