Amidst the backdrop of financial uncertainty and stigma, SAGE, a national organization dedicated to serving older LGBTQ adults, has taken a significant stride with the introduction of SAGECents, a pioneering financial literacy application. This cutting-edge tool emerges in light of pressing revelations that older LGBTQ Americans grapple with considerable retirement finance insecurities, accentuated by the distressing statistics that one in five experienced poverty during the Covid-19 pandemic.
Empirical data paints a concerning picture for this demographic. A 2022 survey by the Employee Benefit Research Institute and a subsequent 2023 study from the Williams Institute at UCLA’s School of Law underscore the acute financial vulnerabilities faced by older LGBTQ adults. The legacy of discrimination and social stigma they have weathered throughout their lives has not only emotionally scarred but also economically disadvantaged them, affecting their long-term financial health. […]
Click here to read the full piece. This story was originally published by BNN Breaking on December 23, 2023.
