Diversity Insight: 3 financial challenges LGBTQ+ community members face

Here’s how your credit union can help.

by Linda Bodie, CU Management

LGBTQ+ Americans are experiencing economic distress at a higher rate than their straight and cisgender peers, according to August 2021 data from the U.S. Census Bureau. Overall, about 13.1% of LGBT adults lived in a household that experienced food insecurity in the past seven days, compared to 7.2% of non-LGBTQ+ adults.

This data underscores the reality that the 2015 U.S. Supreme Court ruling that made same-sex marriage legal didn’t clear away the fact that being a member of the LGBTQ+ community costs more. While that 2015 ruling did make it so everyone could enjoy the more than 1,100 benefits and privileges accorded to married couples by federal law, from tax breaks to health coverage, not every member of the LGBTQ+ community is married. And many other barriers to financial inclusion remain.

To mark Pride month this month, let’s talk about three financial obstacles LGBTQ+ people face and what credit unions can do to help.

 

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