Bridging the LGBTQ+ wealth gap

The LGBTQ+ community still faces significant financial barriers despite progress in recent years. Family estrangement is a major issue, with 86% of gay and lesbian young adults reporting estrangement from their fathers, leading to higher risks of homelessness and financial instability. Coming out can also change family dynamics, leading to a loss of financial support and guidance. This lack of financial knowledge and support can make it difficult for LGBTQ+ individuals to navigate complex financial systems. The queer community has responded to this by creating a culture of chosen family, where older generations can share their financial knowledge and skills with younger generations. Another significant issue is lack of access to healthcare, with 17% of LGBTQ+ adults lacking health insurance and many facing discrimination and unfair treatment in healthcare settings. Medical allyship, where friends accompany LGBTQ+ individuals to doctor's visits, can help mitigate this issue. Mortgage discrimination is another problem, with same-sex couples 73% more likely to be denied a mortgage than heterosexual couples. Shared housing arrangements, where LGBTQ+ individuals live together and share resources, can be a workaround to this issue. Overall, it's essential to acknowledge and address these invisible financial barriers to create a more equitable society for the LGBTQ+ community.