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Financial behavior and financial wellbeing of LGBT+

In: A Research Agenda for Consumer Financial Behavior

Author

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  • Lucy M. Delgadillo

Abstract

This chapter reviews the literature on the intersection of factors affecting the LGBT+ community and their financial wellbeing in the United States. The purpose is to provide an overview of financial and social issues that LGBTQ+ people face. This chapter summarizes statistics on poverty rates, familial rejection, health costs, lack of health insurance, and issues related to value-driven investing, savings, consumer credit, and student loans. It also reviews new federal rulings and protections in labor, housing and credit markets, marriage, and parenting. Findings suggest that the LGBT+ population is faring worse than non-LGBT+ individuals, they are remarkably diverse, and there is a ubiquitous need to develop more inclusive financial services. Fruitful research paths are explored, including the need to create learner-centered financial literacy programs and location-specific financial literacy instruction, and research on the effects of labor, housing, lending and credit discrimination, and social and familial rejection on their financial wellbeing.

Suggested Citation

  • Lucy M. Delgadillo, 2023. "Financial behavior and financial wellbeing of LGBT+," Chapters, in: Jing J. Xiao & Satish Kumar (ed.), A Research Agenda for Consumer Financial Behavior, chapter 22, pages 299-314, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:21534_22
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