In a significant step toward addressing the financial stability concerns of older LGBTQ Americans, SAGE, a national organization dedicated to improving this marginalized group’s lives, has launched a financial literacy app, SAGECents. This innovative app aims to fill the financial confidence gap revealed in various studies and surveys, highlighting the heightened risk of poverty, homelessness, and poor health outcomes within this community due to a history of discrimination and social stigma.
Highlighting the Need for Financial Literacy
A 2022 survey conducted by the Employee Benefit Research Institute revealed that LGBTQ Americans often lack confidence regarding their retirement funds. Further underscoring this issue, a 2023 study by the Williams Institute at UCLA’s School of Law found that 20% of older LGBTQ adults experienced poverty during the Covid-19 pandemic. These sobering statistics demonstrate the pressing need for resources like the SAGECents app. […]
Click here to read the full piece. This story was originally published by BNN Breaking on December 16, 2023.
