(StatePoint) While many Americans have financial concerns about the future, these anxieties are far more prominent among the LGBTQ+ community.
LGBTQ+ adults 60 and older earn less money and have more trouble paying their rent, mortgage, and other expenses than their non-LGBTQ+ peers, according to research from the Leading Age LTSS Center @UMass Boston and the National Council on Aging. SAGE, the world’s largest and oldest organization dedicated to improving the lives of LGBTQ+ elders, reports that 51% of LGBTQ+ elders are very or extremely concerned about simply having enough money to live on, compared to 36% of their non-LGBTQ+ peers.
Economic experts say that this financial security gap is a direct legacy of past governmental policies that put LGBTQ+ adults at a financial disadvantage, as well as ongoing discrimination that makes it harder for members of this community to secure employment, inclusive healthcare, family support and other fundamentals many take for granted throughout their lives and as they age.
Recent efforts are helping improve outcomes for the most vulnerable members of the community. For example, SAGECents is a digital financial wellness tool created specifically for the estimated 3 million LGBTQ+ Americans currently over 50, to help increase financial stability and reduce economic stress. Launched in 2020, SAGECents is a collaboration between SAGE and LifeCents, a financial wellness technology and consulting firm, with the tool fully funded by the Wells Fargo Foundation. […]
Click here to read the full piece. This story was originally published by Star Local Media on November 22, 2023.
