LGBTQ+ Consumers Lag In Achieving Financial Security Data Shows
This past year, the murders of George Floyd and Breonna Taylor sparked discussions around racism and inequality in America, prompting calls for social justice. Social injustice, however, is not limited to the inexcusable deaths of unarmed black and brown Americans. Disparities in financial resources also poke holes in the American Dream and keep many Americans struggling to get above the poverty line. While exploring the ThinkNow ConneKt platform, we discovered the LGBTQ+ community is a victim of financial inequality. They report an income of just $10,000 versus $150,000 reported by the Total Market.
For those familiar with the struggles of coming out, it may come as no surprise that members of the LGTBQ+ community face financial hurdles. Sixty-one percent of respondents stated being concerned for their financial future, compared to 56% of the Total Market. When we look at the financial products used by the LGBTQ+ community, 50% have a checking account and savings account. In comparison, 72% of the Total Market owns a checking account, and 65% own a savings account.
If you consider LGBTQ+ consumers earning $10,000 annually and the 45% who have some form of a loan (e.g., auto, student, mortgage, personal, or pay day), it is no wonder that 52% of respondents feel financially overwhelmed. The LGTBQ+ community needs equitable access to financial literacy to close the financial wealth gap and achieve financial security for themselves and their families.
LGBTQ+ Consumers By the Numbers
LGBTQ+ consumers are a multifaceted community. Using the ConneKt tool, we can craft a 360-degree view of this consumer so brands can better understand how to meet their needs. Here are a few highlights:
- 41% own their residence, 28% rent, and 20% live with parents/family
- 41% are married, 37% are single
- Comprised of a maturing group, primarily between the ages of 23 and 38
Health & Lifestyle
- 37% have not traveled in the past two years
- 47% prefer to shop in-person
- Family, Education, and Respect for Elders are the top 3 cultural values
- 35% plan to buy their next vehicle in the next 1–2 years
- Wine is the number alcohol consumed
- Blue Apron is the top meal-kit delivery service used
Media & Entertainment
- Amazon, Facebook, and Gmail are the top 3 apps used
- Facebook, YouTube, and Instagram are the most preferred social media platforms
- TV programming is most often watched via Netflix
- 44% believe that success is the #1 success indicator
- 57% believe brand authenticity is important
- Health care, racial discrimination, and the environment are the three most important issues