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According to new data from the Human Rights Campaign, LGTBQ+ adults in the United States — especially transgender and non-binary individuals — are more likely to feel financially insecure. Almost half (48.1%) of LGBTQ+ adults feel like they are not doing well financially, while in contrast, only 26.9% of the public feels this way. In honor of National Financial Awareness Day and the fourth anniversary of SAGECents, we’re inviting our community to help us change this narrative.

SAGECents is SAGE’s digital wellness platform designed specifically to meet the financial needs of LGBTQ+ people. We are here to ensure our elders do not become another statistic. Through this app, users can build financial stability and lessen their economic stress.

SAGECents is completely free and chock full of helpful tools, information, and resources. Our goal is to help our community members rebuild their relationships with money, so LGBTQ+ elders feel energized and prepared to take actionable steps for the future. For example, after registering, users can gain access to resources that help explain Medicare benefits, walkthroughs for setting up a health proxy and living will, and handy tips for increasing your credit score.

SAGECents user Heather Seggel, 54, enjoys how SAGECents has helped her to have a more positive approach toward her finances — even while navigating tough times in her life. Heather identifies as queer and lives in Ukiah, California. She enjoys using the SAGECents dashboard to check in and receive encouragement about what she is doing well and to see helpful pushes for where she can improve.

“Aging while poor is often scary and no joke,” Heather said. “A program like SAGECents can help take the fear out of getting your finances in order. They use a light touch but do some real heavy lifting.”

Like many other LGBTQ+ elders, she relies on social safety nets to keep her afloat. While she is currently out of work, she finds SAGECents’ resources on how to navigate an unemployment period particularly helpful.

 

 

Heather feels optimistic, and she looks forward to getting back to work and saving soon, especially so she can pour back into her community. She would recommend SAGECents to other elders because of its user friendliness and its positive, encouraging tone.

“When times are tight nobody needs to hear more negativity,” Heather said. “Getting some props for what you’re doing right actually leads to more things getting done right.”

The LGBTQ+ community faces this negativity often. For example, our community often lacks familial financial support, does not have easily accessible financial literacy tools, faces out-of-pocket costs for gender-affirming care, and LGBTQ+ individuals are often paid less than their straight counterparts. It is easy to feel lost amid overwhelming challenges such as these.

Gabriel S., 67, worries about not having enough money to support himself as he gets older and ages alone. He identifies as gay and lives in Brooklyn, New York, and his main concerns are how he will take care of himself financially and physically if anything should happen.

“I’m totally independent right now; nevertheless, it’s not unusual for people my age to fall ill suddenly or have an accident whose consequences are exacerbated by aging,” Gabriel said. “If any of the above occurs to me, what will I do?”

SAGECents helps people focus on what they realistically can do within their current financial situation while ensuring they can feel empowered to plan for their future.

 

 

“The main value has been as a regular gentle reminder about managing my finances sensibly,” Gabriel said. “Reading SAGECents topics and questions has helped me get more focused on reducing my debt and avoiding taking on new debt.”

Rest assured, it is not just Heather and Gabriel who have noticed a difference. Across the board, our users have experienced promising progress.

Our community is known for finding strength in numbers, and together, we can build a future where financial stability is the norm — not an insurmountable feat.