Five Financial Factors the LGBT+ Community Faces

Though we as a society have made some progress towards LGBTQ+ rights, the fight for equality is far from over. In fact, studies show that LGBTQ+ individuals are still disproportionately impacted by financial barriers. These barriers include lack of fair housing protections; lack of family leave benefits; a higher risk for wage and salary discrimination; and difficulty accessing healthcare. Let's take a look at each one in more detail:

Lack of fair housing protections

Being denied a home or apartment, being evicted, or not being able to rent or buy a home because of your sexual orientation or gender identity is considered discrimination. LGBTQ+ people face these challenges every day in the United States.

The Fair Housing Act (FHA) prohibits discrimination when selling or renting housing on the basis of race, religion, national origin, sex, disability, familial status, marital status, source of income, and sexual orientation/gender identity. However, this law does not apply to most single-family homes and owner-occupied duplexes built before November 1 1979, nor does it cover all types of housing assistance programs, such as Section 8 Vouchers.

Lack of family leave benefits

Family leave is not a given for many workers in the US. LGBTQ+ workers, though, are less likely than non-LGBTQ+ peers to have access to family leave benefits--and when they do receive them, they're more likely than straight employees to face discrimination when requesting those benefits.

For example: A gay man who took two weeks off after adopting his son was denied reimbursement after returning from his vacation because he hadn't taken enough time off due to "unforeseen circumstances" (i.e., needing medical attention). Similarly, another worker found herself unable to take advantage of her company's generous paid maternity leave policy because she had recently come out as transgendered; she was told that taking time off would violate its "gender identity policy."

Lack of healthcare access

The lack of healthcare access is a major issue plaguing the LGBTQ+ community. In fact, according to a study conducted by the Williams Institute at UCLA School of Law, "LGBTQ people are more likely than heterosexuals to be uninsured or have a pre-existing condition that prevents them from purchasing health insurance."

Additionally, it's important to remember that mental health issues are more common among LGBTQ+ individuals than among their straight peers. These conditions can include depression and anxiety disorders as well as substance use disorders (including alcoholism). The National Alliance on Mental Illness reports that "lesbians may face higher rates of suicide attempts than their heterosexual counterparts" and gay men are up to three times more likely than heterosexual men to experience major depression during their lifetimes--but only half as likely as lesbians or bisexual women are.

Wage and salary discrimination

The LGBTQ+ community faces discrimination in the workplace, point blank. This is often seen seen in pay, promotions, and hiring. It can also happen when an employee is fired or denied benefits because of their sexual orientation or gender identity.

Estate planning issues for partners and spouses

There are several ways in which estate planning issues can impact the LGBTQ+ community. For example, same-sex couples are not eligible for the same tax benefits as heterosexual couples. They also do not have the same legal rights to make decisions for their partner in the event of incapacity or death.

“The LGBTQ+ community still faces significant financial barriers to achieving true equality, including lack of affordable housing, healthcare or childcare, wage and salary discrimination and unfair estate planning laws.”

The National Coalition for Lesbian Rights (NCLR) estimates that as much as 8% of the annual income of same-sex couples goes toward taxes on their relationship status alone--a number that rises to 15% if they have children together. Since these couples are often denied access to government benefits like Social Security or dependent tax deductions, they're forced to pay more than their heterosexual counterparts in order to achieve the same standard of living.

We need to do more to ensure that the LGBTQ+ community has the same access to financial resources as everyone else. It's time for us all--regardless of sexual orientation or gender identity--to step up and fight for equality for all.