LGBTQ + BANKING
“ GIVEN THE ESCALATING POLITICAL ATTACKS ON LGBTQ + AND ESPECIALLY TRANSGENDER PEOPLE , FEDERAL PROTECTIONS AGAINST DISCRIMINATION ARE ESSENTIAL ”
LOGAN CASEY SENIOR POLICY RESEARCHER AND ADVISOR , MAP
their creditworthiness , or achieve financial flexibility during an already tough economic period . Research from Experian shows that more than two-fifths of LGBTQ + respondents struggle to maintain adequate savings , compared to 38 % of the general population , while 18 % overall had no credit cards in their names .”
Logan Casey , Senior Policy Researcher and Advisor at MAP , says its research “ underscores the urgent need for strong and decisive efforts to counteract this financial toll and other harms ” associated with being an LGBTQ + person . “ Given the escalating political attacks on LGBTQ + and especially transgender people , federal protections against discrimination are essential ,” Casey continues .
Arwas concludes : “ Clearly , financial products that offer blanket solutions to these problems will no longer suffice . Banks and financial services companies have a duty to catch up to the societal issues that hold LGBTQ + people back from living financially-secure lives . This means creating products that serve their particular financial needs and developing ongoing servicing processes that make it easier for members of the LGBTQ + community to complete the simplest of changes that are already standard practice for cisgender heterosexual citizens .” fintechmagazine . com 99