t’s no secret that the LGBTQ+ community has yet to achieve equality, despite periodic advancements. The social and legal barriers that prevent LGBTQ+ individuals and businesses from getting ahead continue to keep many people down. This puts countless people and businesses in a difficult financial situation that is tough to navigate.
Banks, lenders, credit unions, and even financial advisors don’t always treat the LGBTQ+ community the way they deserve. Unfortunately, such treatment leaves many people overwhelmed by debt and other financial struggles that hinder their quality of life.
Follow along as we explore how you can navigate such financial challenges as a member of the LGBTQ+ community.
Overcoming Life’s Obstacles as an LGBTQ+ Adult Isn’t Always Easy
Until equality is achieved, LGBTQ+ individuals will continue to face adversity. This is a terrible thing, but you can’t let other people’s ignorance and prejudices hold you back. Overcoming these challenges is easier said than done, but you can take a few steps to excel in adulthood, such as:
Embrace Ally Organizations
LGBTQ+ adults face discrimination in many areas of life, even when seeking help from financial institutions. Some credit unions and banks have discriminated against LGBTQ+ people and prevented them from getting the necessary financial support.
No matter how dehumanizing and unfair this treatment is, LGBTQ+ people must look at nondiscriminatory financial institutions. Today, it’s easier than ever to find out whether or not a particular business is an ally of the LGBTQ+ community. There’s no reason to support banks and lenders who don’t support the LGBTQ+ community.
JPMorgan Chase, Amalgamated Bank, Capital One, and Citibank are great examples of banks that support the LGBTQ+ community. It’s also a great idea to pay attention to financial institutions that sponsor LGBTQ+ events.
Put Your Trust in Experts
Many people understandably think that financial advisors only benefit financially secure people. However, financial advisors can help anyone who wants to get their finances in order. That said, some LGBTQ+ people may struggle to trust financial advisors, given the discrimination they face from others.
Pay gap and workplace discrimination mean that many LGBTQ+ people sadly have less money to live on. Until we achieve equality, you can at least seek guidance from a financial advisor. Experienced financial advisors understand many markets and follow economic trends to help boost their clients’ income.
They can help you manage your income and steer you toward rewarding investments. Unfortunately, some LGBTQ+ individuals struggle to find understanding and respectable financial advisors, depending on the social climate where they live. Talk to a few advisors, gauge their attitude, and pick one who treats you how you deserve to be treated.
Overcome Debt
It’s estimated that over a third of LGBTQ+ adults are struggling with student loan debt. Student loan debt affects many people, but it’s harder to overcome when also dealing with a discriminatory pay gap. Navigating debt and pay disparities simultaneously can understandably overwhelm you.
That’s why you must do your homework and find the best possible repayment plan. Income-driven repayment plans are the best option for many people. This lets you pay as much as you can based on your income without overextending yourself.
Debt repayment and consolidation plans are more important than ever, especially for LGBTQ+ adults pursuing advanced degrees. However, such plans can help anyone, whether you’re pursuing a Bachelor of Social Work or a Master of Social Work.
Use Every Resource You Can Get
The financial hardships that many LGBTQ+ people face are a matter of human rights. That’s why it came as no surprise when the Human Rights Campaign (HRC) launched WorthIt, a digital financial help platform. WorthIt provides LGBTQ+ adults with financial advice that may otherwise be unattainable.
This free program can create a personalized plan catered toward your financial needs and struggles. The resources and tools this program offers can work wonders to help LGBTQ+ adults navigate financial hardships. Other organizations, like the National LGBT Chamber of Commerce (NLCC), also strive to help LGBTQ adults overcome financial struggles.
They not only help LGBTQ+ individuals, but they also help support businesses within the community. LGBTQ+ business owners often struggle to obtain loans and even permits. The NLCC can help business owners get the same opportunities as any other business owner.
Understanding Your Challenges Can Help You Overcome
Until we achieve equality, the LGBTQ+ community will sadly continue facing financial challenges. That’s why researching and understanding such challenges is essential. You can help reduce your debt and living expenses if you use one of many resources geared toward the LGBTQ+ community.
Whether it be LGBTQ+-friendly banks, lenders, or financial advisors, plenty of individuals and organizations can help you. Tackling bills and debts one at a time can help you feel less overwhelmed by your financial challenges. In the meantime, you must take advantage of resources like the Human Rights Campaign and the Horizon Foundation to improve your footing.
