Thank you, Dien Yuen (Daylight), for sharing these two important reads: Human Rights Campaign's 2024 LGBTQ+ Financial Wellness Report and PWM's piece on building inclusive wealth services for non-traditional families.
The numbers should stop all of us in financial services in our tracks:
Nearly half (48.1%) of LGBTQ+ adults say they are not doing well financially. That's almost double the rate of the general U.S. population (26.9%). For transgender and non-binary adults, it's 60.4%.
And 3 in 10 LGBTQ+ adults report experiencing discrimination while simply trying to access financial services. Those who have are more than twice as likely to be struggling financially.
What often gets overlooked: LGBTQ+ seniors face an even bigger disparity. More than 70% of LGBTQ+ adults 65+ have household incomes below $75K, and they're more likely to be aging alone, without children, without traditional family safety nets, and often without estate plans built for chosen family.
Here's the thing: those outcomes at 65 are shaped by decades of missed planning opportunities. If we can provide LGBTQ+ people with access to inclusive financial planning earlier in life, before retirement is on the doorstep, we can change what aging looks like for the next generation of LGBTQ+ seniors.
This is exactly who Planning for Good, LLC serves and why I am on the board of GenPride. We believe it does not need to be this way. When LGBTQ+ individuals and families get proper, inclusive financial planning early, with planners who understand chosen family, non-traditional households, and the legal and estate complexities that come with them, the gap can close before it compounds.
To my fellow planners: if you want to be part of the solution, the Foundation for Financial Planning's pro bono program makes it easy to volunteer your skills for people in crisis or need. A few hours of your expertise can change the trajectory of someone's financial life.
Financial wellness is not a privilege. It's something everyone deserves access to.
Links to both reports, GenPride and FFP's volunteer page are in the comments 👇
Photo of me getting ready to march in the Seattle Pride Parade with GenPride.
LGBTQ+ Financial Wellness: Closing the Gap Early
