As our favourite Swedish pop supergroup once said, “In a world of the rich, money, money, money must be a funny thing.”
But despite our best efforts, we do not have We live in an ABBA song and have to figure out our own financial situation.
Additionally, the LGBTQ+ community often faces unique challenges when it comes to banking, budgeting, and planning for their financial future.
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according to The LGBTQ+ financial landscapeAccording to a U.S. Bank research study, LGBTQ+ people, especially those in communities of color, typically achieve financial independence at a younger age, and because we have the freedom to live by our own rules, we’re 30% more likely to discuss our financial aspirations than our heterosexual counterparts.
That being said, Achieve Goals like homeownership, family planning, and gender-affirming care come with obstacles.
The report found that 52% of LGBTQ+ people have difficulty getting a mortgage with a good credit score, 90% of gay adults have used credit cards to fund starting a family, and more than half of queer respondents said they experience “extreme or moderate stress due to access to healthcare.”
Thankfully, U.S. Bank is committed to helping LGBTQ+ people reach their financial goals.
While we can’t promise you’ll get lucky at games (sorry, ABBA!), with these tips you can start to improve your life.
1. It is very important to have an estate plan.
![A black gay couple is sitting on a couch in their living room, smiling affectionately while looking into each other's eyes.](https://queerty-prodweb.s3.amazonaws.com/2024/05/shutterstock-2303271417-872x581.jpg)
Whether your estate is large or growing, comprehensive planning is the only way to ensure your wishes are carried out after you pass away. especially This is an important consideration for LGBTQ+ people who don’t have family support, have children, or are in same-sex relationships (and you don’t want your cherished record collection falling into the wrong hands!).
Of course, this is a sensitive topic. Start by writing a willCreating an advance directive and designating beneficiaries is easier than you might think.
2. Homeownership is possible if you find the right team.
![A young gay couple is smiling and standing around some cardboard boxes that need to be unpacked as they read out credit card numbers on a tablet screen.](https://queerty-prodweb.s3.amazonaws.com/2024/05/shutterstock-2199810583-872x581.jpg)
according to Iowa State University StudyIn the United States, only 49% of the LGBTQ+ community owns their home, which is low compared to about 64% of the total U.S. population. That said, with some financial management and the right team, homeownership is easier than scoring tickets to Madonna.
This convenient US Bank Home Buying GuideYou can learn the qualifications and documents required to approach a mortgage lender and find the right real estate agent and lender to make the process go smoothly.
3. Make a financial plan for your future.
![A lesbian couple smiles as they look at an iPad while sitting at a wooden dining table next to their two young children.](https://queerty-prodweb.s3.amazonaws.com/2024/05/shutterstock-1938788962-872x581.jpg)
Unfortunately, “throwing money at plastic” isn’t sustainable. You need a personalized plan to work towards reaching your financial goals. US Bank Planning ResourcesYou can more easily evaluate your spending and expenses and look to the future.
Start by analyzing your situation and your spending, then you can set financial goals, from traveling to buying a home to having a family, and from there create a budget to fund them with savings and investments. To Puerto Vallarta (or Disney World), we come!
4. If you are interested in raising a child, explore all your options.
![A non-binary couple sits in garden chairs in a beautiful grassy backyard, gazing lovingly at each other.](https://queerty-prodweb.s3.amazonaws.com/2024/05/gettyimages-1324636820-872x581.jpg)
LGBTQ+ people are starting families more than ever before, with research showing that 77% of queer millennials already have children or are planning to have children. 2019 Family Equality SurveyThat being said, becoming an LGBTQ+ parent often means taking an unconventional path, which can be costly.
Along with this US Bank’s Family Planning GuideYou can understand the financial obligations associated with assisted reproductive technologies, such as adoption, surrogacy or IVF. From there, you can reach your goals by creating a savings plan or exploring additional options with a U.S. Bank banker or goal coach.
5. Know your rights and protections.
![A young woman with bright red hair is smiling and standing in front of a yellow background. She is wearing iridescent sunglasses, holding a stack of bills and gazing thoughtfully.](https://queerty-prodweb.s3.amazonaws.com/2024/05/shutterstock-1096093160-872x581.jpg)
Whether it’s building a fortune or starting a family, having your name on a bank account or a birth certificate may not be enough. Between state and national laws, planning for and protecting the future can be complicated for queer people.
That is why, as a member of the LGBTQ+ community, Know your rights Protecting both your family and your estate, including adoption rights, surrogacy protections, powers of attorney, and creating wills and trusts.
Investment and insurance products and services, including annuities, include:
NOT A DEPOSIT • NOT FDIC INSURED • MAY LOSE IN VALUE • NOT BANK GUARANTEED • NOT GUARANTEED BY ANY FEDERAL AGENCY
US Bank and its representatives do not provide tax or legal advice. Every customer’s tax and financial situation is different. Please consult your tax and/or legal advisors for advice and information regarding your specific situation.
U.S. Bank does not provide insurance products, but may refer you to affiliated or third-party insurance companies.
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