Would you be surprised to know that the economic outcomes of the LGBT community in the UK lag behind the wider population? We often hear of the ‘Pink Pound’, and perhaps a stereotype of ‘DINKYs,’ Double Income No Kids Yet. However, when you delve deeper, the picture is very different.
There are a number of factors at play:
Workplace Discrimination
There have been great strides in social acceptance and legal rights, however despite changing attitudes and anti-discrimination laws, studies show that LGBT individuals are more likely to encounter harassment, discrimination and pay-gaps at work. Ultimately, if it’s harder for you to progress in your career, your financial success is likely to be hindered.
Housing Market Challenges
According to research by the LGBT Foundation, discrimination in the housing sector plays a pivotal role in perpetuating financial disparities. Same-sex couples, particularly those from the transgender and non-binary communities, often face obstacles in securing stable and affordable housing. There are higher rates of homelessness of LGBT youth than within the broader population. This exacerbates financial instability, impacting the ability to build wealth.
Mental Health Implications
Those within the LGBT community experience higher rates of mental health issues. This in turn impacts people’s ability to maintain steady employment and financial stability. According to the Journal of Homosexuality, discrimination and stigma contribute to lower job satisfaction, worse career progression and financial success.
Intersectionality
Individuals who identify as LGBT and additionally belong to other marginalised groups, for example ethnic minorities or disabled individuals, face compounded challenges. According to the UK Equality and Human Rights Commission, these intersections create unique barriers to economic success, influencing job opportunities, earnings and financial resources.
This combination of structural and systemic disadvantages are at the core of our mission to ensure the LGBT community have access to the services they need, from people who understand them and their life experiences.
Lgbtqifa
To remedy this combination of structural and systemic disadvantages is at the core of our mission. Lgbtqifa wants to ensure the LGBT community have access to the services they need, from people who understand them and their life experiences.
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Matt Campbell is a qualified Independent Financial Adviser (DipFA, CeMap). He operates via Evolution Financial Services. Matt is based at Fleet St, London but works with clients across the country. For advice on pensions, investments, mortgages*, protection or estate
planning needs, please click the link or see contact details
below to get in touch with Matt.
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*A mortgage will be secured against your home. Evolution Financial Services is a trading name of Evolution FS Ltd which is authorised and regulated by the Financial Conduct Authority (FCA). Registered Number 597303.
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