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LGBTQ+ Finances: A Survey of 2,005 Americans

Posted on June 1, 2022

LGBTQ+ finances are perennially understudied. We’re trying to change that, so we asked 2,005 LGBTQ+ Americans about money, investing, stress, saving, and more.

Motley Fool. Jack Caporal (TMFJackCap) Updated: May 23, 2022 at 6:36PM

At least 7% of American adults — some 20 million people — identify as LGBTQ+, and those Americans make up an important part of the United States’ social and economic fabric.

Yet data on the financial state of LGBTQ+ Americans is lacking. That lack of data makes it more difficult for financial advisors and service providers to serve a group of Americans larger than the population of New York. This is a group with an estimated purchasing power of $1.4 trillion.

So The Motley Fool and the Debt Free Guys teamed up to gain a better understanding of LGBTQ+ finances. Through the LGBTQ+ Money Study, a landmark survey of 2,005 LGBTQ+ Americans — including over 700 transgender Americans — we found that many LGBTQ+ Americans face challenges to achieving long-term financial health and generational wealth. 

During Pride Month in June, LGBTQ+ Americans will be celebrated. The community’s progress toward financial equity, inclusion, and independence should be part of that celebration. Armed with better data, even more progress toward an inclusive and equitable financial system is possible. 

Key findings

  • LGBTQ+ Americans are less likely to use important financial tools — like retirement savings, life insurance, and estate plans — than Americans overall, and most don’t feel ready to make important financial decisions. 
  • Two-thirds of LGBTQ+ Americans carry a high amount of financial stress. Keeping up with the cost of living and being ready for a financial emergency are their top financial concerns. 
  • Nearly half of LGBTQ+ Americans have experienced discrimination by someone in financial services, and a similar percentage say this has contributed to some lack of financial security.
  • LGBTQ+ Americans are more likely to have student loan debt, credit card debt, and personal loan debt than Americans overall, but less likely to have a mortgage or auto loan.