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Financial Tips for LGBTQ+ People

Financial Tips for LGBTQ+ People

Financial Tips for LGBTQ+ People

LGBTQ+ folks have had many more legal protections recently. However, they still encounter many obstacles in daily life, especially regarding financial factors. 

This article will highlight the financial struggles of LGBTQ+ people and provide suggestions on how they can succeed more financially and fight against discrimination. 

Financial Issues LGBTQ+ Encounter

First, let’s examine some of the most common financial issues LGBTQ+ people experience and why. 

Lack of Support

Queer people may not have the same financial support as their cisgender and straight counterparts. For example, queer people may not have a family lifeline if they have trouble with their finances. As a result, they have to be completely self-reliant if they have been cut off from their families due to their sexual orientation or gender.

Since they may not have the option of waiting for the perfect job, they may need to take whatever work they can find, leading to lower-paying or less desirable jobs. 

In addition, LGBTQ+ people may encounter more debt due to a lack of financial support as they emerge into adulthood. 

Workplace Discrimination and Pay Gaps

Even though there are more protections for gender and sexual orientation, queer people still have many barriers in the workplace. 

For example, around 10% of LGBTQ+ people have been forced to leave their jobs due to toxic work environments. In addition, more than 50% are impacted by workplace discrimination, as mentioned in a report by Out & Equal.

The situation is even worse for queer people of color as they experience higher discrimination rates in the hiring process. In fact, at nearly three times the rate of their white peers, as reported by the What We Know project.

As a result, queer people and POCs have to settle for lower-paying jobs even with a college degree. 

High Health Care Costs

Queer folks, trans and gender non-conforming people can experience barriers, discrimination, and ignorant care when accessing health care. 

For example, 70% of trans adults and 56% of LGBTQ+ adults encounter discrimination from medical professionals. At LGBTQ and All, we do our part to ensure that we are connecting you with an LGBTQ+-friendly medical practitioner. Be sure to check out our database

In addition, many patients may need to educate doctors themselves to get the proper treatment. 

That means that many people have to pay out of their own pocket for medical care, which is only possible for some people.

As a result, many queer folks may avoid searching for medical care, putting them at a greater risk for health issues down the line. 

Some LGBTQ+ people require personalized care like medical transitioning, HIV treatment and prevention, and family planning. 

The costs can really add up, putting them at a financial disadvantage.

Cost of Living in Inclusive and Safe Communities

Many LGBTQ+ people may seek inclusive and affirming areas to feel safe and connected to their communities.

Since most of these LGBTQ+ communities are on the coasts and within major metro centers, the cost of living can be much higher. 

Being Denied Access to Loans and Credit

Unfortunately, borrowers can legally be denied loans and credit cards on due to their sexual orientation and gender identity. In fact, only 15 states have laws that protect against this specific type of discrimination.

As a result, queer people are put at a financial disadvantage due to being unable to access loans and credit. 

Financial Tips for LGBTQ+ People

While we can’t capture a one-size-fits-all approach to LGBTQ+ financial planning, this resource from NerdWallet can help. It has various topics and categories that can benefit your unique situation.

Remember that this financial advice may not cover all situations, like if you’re being discriminated against. If you’re worried about job discrimination, check the Human Rights Campaign’s (HRC) Corporate Equality Index to vet companies before applying.

You can also research LGBTQ+-friendly banks, insurance and health providers, and more. 

Some Tips to Improve Your Financial Situation 

If you are an LGBTQ+ person looking for some basic financial tips that could help your unique situation, here are some tips to consider: 

  1. Find a trustworthy financial advisor, coach, or educator
  2. Research some resources and learn to become more financially literate
  3. Take steps to improve your credit score
  4. Create a detailed budget
  5. Come up with some savings goals

Again, these simple tips alone can’t help you overcome discrimination or factors out of your control, but they are a good starting point if you are in a position to consider your financial future. 


LGBTQ+ communities encounter many financial barriers that can negatively impact their financial situation. 

As there is more advocacy for LGBTQ+ rights out there; hopefully, more legal protections will be in place to help queer folks facing financial burdens. But, for now, you can reference the Nerd Wallet resource that we highlighted in this article and check out additional resources and articles at LGBTQ and ALL


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