We stand by everything we said last year, and in light of current events, I’d just like to add a couple notes.
You’ve probably seen the news about waves of anti-LGBTQ+ legislation proposals sweeping the country. The most recent count I could find states that over 300 laws have been introduced across nearly 30 states in 2022 alone. Sadly, one of those states is our home state of North Carolina. Surveys and analysis (like this and this) indicate that these proposals – even when they don’t actually become laws – are posing an escalated threat to the already-stressed mental health of LGBTQ+ youth.
It’s one thing to fear that a core part of your identity might trigger discrimination or rejection by the people in your life; it’s another thing to hear it shouted from podiums and read it in headlines every day. This matters on a human level, and it also matters on a financial level: financial health is deeply connected to whole-person health.
You might also have seen that the US Census Bureau reports that members of the LGBT community suffered more negative financial impacts as a result of the pandemic. The Census Bureau released survey data from 2021 in which LGBT adults reported more food insecurity, more difficulty paying for household expenses, a higher likelihood of lost income, and lower confidence that they could pay for housing. This isn’t surprising, because (as we note in our longer post below) LGBTQ+ folks typically face more financial stressors than their straight counterparts.
Fortuna Money believes in equality for all. We are committed to learning about the issues and acknowledging the intersectional factors that affect your life and your finances. And we will show up for you with compassion and hope.
You are seen, you are safe, and you are welcome here. Still, and always.
The audio version of this post is available here.
June is LGBTQ+ Pride Month, and while I was hesitant to look like I was jumping on the “rainbow capitalism” bandwagon, I wanted to be very clear about something:
I am committed to helping clients like you overcome financial obstacles and transform their relationship with money, in service of a more joyful life.
I am especially committed to serving people who have not been traditionally well-served by the financial community.
This is, in fact, the reason why Fortuna Money exists.
Serving you means that I recognize the unique challenges that you have faced based on your lived experiences in the identities that intersect to make you who you are. I acknowledge the damage done by systemic discrimination against marginalized groups, and I recognize the issues that you may have faced as a result of that discrimination.
Many among us who identify as LGBTQ+ have been marginalized in myriad ways, often with emotionally and financially detrimental outcomes. LGBTQ+ adults in the US report more money anxiety than straight, cisgender people, and more than a quarter of LGBTQ+ adults say that their sexuality or gender identity has impacted their personal finances. This is perhaps unsurprising, as the LGBTQ+ community faces some specific financial stressors. For instance:
- LGBTQ+ Americans are not fully protected from discrimination in many states (including North Carolina, where I live) in matters of employment, housing and public accommodations — all issues that can impact someone’s financial well-being.
- While 35% of LGBTQ+ adults said that they could have depended on family and friends for financial support before coming out, only 20% said they could depend on that support afterwards.
- LGBTQ+ retirees are twice as likely to live in poverty as their cisgender/heterosexual peers.
- LGBTQ+ respondents earn less on average than their cisgender/heterosexual counterparts. (That’s on top of the lack of job and benefit protections.)
- Individuals and companies continue to claim a right to discriminate against LGBTQ+ individuals based on religious objections, to include refusing to provide services to them as consumers. This means LGBTQ+ individuals have fewer options when choosing businesses to patronize and may pay more as a result.
This list is not intended to be comprehensive — it’s just a brief acknowledgment of the unique challenges faced by LGBTQ+ people because of who they are and who they love.
Please know, LGBTQ+ friends and clients:
You are seen. You are safe. You are welcome here. And if you would like help overcoming your financial obstacles and reaching your goals, I would be happy to support you.