Methodology: Experian surveyed 1,374 U.S. consumers from June 1 to 7, 2023. Topics included people’s saving and spending habits and what discrimination they have experienced. The sample was collected using a third-party company and was not from Experian’s consumer credit database.
The LGBTQ+ community faces unique societal and financial challenges that can hinder achieving their goals compared with the non-LGBTQ+ population.
To better understand the financial standing and challenges of the LGBTQ+ community, and these factors compared with that of the general population, Experian surveyed more than 1,300 U.S. consumers on saving and spending habits and what discrimination they have experienced.
The LGBTQ+ Community Continues to Face Discrimination
More than half (59%) of respondents said they experienced discrimination because of their status as members of the LGBTQ+ community. That number increases to 64% for participants who identify as black or African American.
While there have been strides in financial inclusion, there’s still a long way to go. Members of the LGBTQ+ community continue to face discrimination at work that can lead to being passed over for a job, promotion or raise—all of which can hinder their earnings and savings compared with their peers.
Question: If you have personally experienced discrimination as a member of the LGBTQ community, which of these options apply?
LGBTQ+ Savings Are Ahead of the General Population, but Still Low
When we asked survey respondents how they felt about their savings, only 30% of LGBTQ+ respondents said they’re saving enough. However, that number is higher than the 27% of respondents from the general population.
Some reasons why savings can be lacking for members of the LGBTQ+ community range from discrimination hindering their earning potential to a lack of familial support since they are more likely to have strained relationships with their family and less likely to have kids, according to U.S. Census Bureau data.
Question: Thinking about your savings, do you feel you’re …
When we asked respondents if they have bad spending habits that need to be improved or changed, the majority of the LGBTQ+ respondents (65%) either agreed or strongly agreed. That’s significantly higher than the 49% of non-LGBTQ+ respondents.
Do you agree with this statement: “I have bad spending habits that I need to improve or change”?
For both groups, dining out, clothing and hobbies are the top three categories in which they were most likely to overspend.
Majority of Younger Respondents Say They Struggle With Overspending
While the majority of LGBTQ+ respondents (65%) said they have bad spending habits, this was the most prevalent among younger LGBTQ+ community members ages 18 to 24 (69%) and 25 to 34 (67%). The top three things those age groups said they overspend on are the same as the larger group: dining out, clothing and hobbies.
Do you agree with this statement: “I have bad spending habits that I need to improve or change”? (LGBTQ+ respondents only)
LGBTQ+ Respondents Are Less Likely to Have Multiple Credit Cards
When we asked respondents how many credit card accounts they had in their name, LGBTQ+ respondents were less likely to have multiple credit cards compared with the general population.
- 50% of LGBTQ+ respondents had just one or two credit cards in their name compared with 40% of the general population
- 30% of LGBTQ+ respondents had three or more credit cards versus 39% of the general population
- 21% of both groups cited not having any credit cards in their name
Question: How many credit card accounts are in your name?
The Bottom Line
While members of the LGBTQ+ community continue to experience financial discrimination, organizations such as the ACLU provide resources and advocate for LGBTQ+ rights. There are also various financial resources for the LGBTQ+ community that range from inclusive banks and scholarships to real estate professionals and family-building grants that can help the community strengthen their finances and work toward reaching their future goals.
The post LGBTQ+ Money Survey: Attitudes, Challenges and Opportunities appeared first on Experian’s Official Credit Advice Blog.
https://www.experian.com/blogs/ask-experian/lgbtq-money-survey-attitudes-challenges-and-opportunities/
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