The LGBTQ Wealth Gap
In recent polls, between 25-62% LGBTQ consumers report experiencing financial challenges because of their sexual orientation or gender identity. Financial obstacles to LGBTQ consumers arise from Income & Savings Gaps, Information Gaps, Policy Gaps, and Marketplace Gaps that impair LGBTQ households’ communities’ ability to participate fairly and equally in the U.S. economy.
Income & Savings Gap
Discrimination in the workplace leaves LGBTQ consumers with smaller earnings compared to het/cis peers. Smaller earnings leaves less money for LGBTQ consumers to manage expenses, create savings, and buy homes and assets, or save for their retirement and golden years.
Qualitatively, it is redundant to observe LGBTQ people have lived experiences that are distinctive from their het/cis peers. But, few generalizable studies or government statistics provide a quantitative view into how: i.e., unique demographics and well-being data for LGBT communities in the U.S., and worldwide.
Existing policies do not sufficiently protect all LGBTQ people in the U.S. from discrimination and do not support their economic well-being fairly & equally.
Discrimination in the marketplace unfairly prevents LGBTQ consumers from obtaining needed goods and services and exacerbates the Wealth Gap because they are denied access to necessities, are provided products or services of inferior quality, or are overcharged.
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