not living in an ABBA song and we’ve got to figure out our finances on our own.Moreover, the LGBTQ+ community often faces unique challenges in banking, budgeting, and planning a financial future. Subscribe to our newsletter for a refreshing cocktail (or mocktail) of LGBTQ+ entertainment and pop culture, served up with a side of eye-candy.According to LGBTQ+ Financial Landscapes, a research study from U.S. Bank, LGBTQ+ people typically achieve financial independence at a younger age, especially those in communities of color.
And with the freedom to live by our own rules, we tend to discuss our financial aspirations 30% more often than our straight counterparts.That being said, achieving goals like homeownership, family planning, or gender-affirming care comes with obstacles. Per the report, 52% of LGBTQ+ people had a difficult time getting a mortgage with a higher credit score, 90% of gay adults used credit cards to finance building a family, and more than half of all queer respondents indicated “extreme or moderate stress due to medical care access.”Thankfully, U.S. Bank is committed to supporting the LGBTQ+ population in reaching their financial goals.
We can’t promise winning “fortune in a game” –– sorry, ABBA! –– but with these tips, you can start improving your life.Whether your estate is big or growing, having a comprehensive plan is the only way to ensure your wishes are fulfilled after passing. It’s an especially important consideration for LGBTQ+ people who sometimes lack family support, have children, or are in domestic partnerships. (And you wouldn’t want your prized vinyl collection to fall into the wrong hands!)It’s an understandably sensitive topic.
But starting by establishing a will, creating advance directives, and naming beneficiaries is easier than you’d think. According to a study by Iowa State University, only 49% of the LGBTQ+ community owns a home compared to nearly 64% of the total U.S. population.
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