Exploring the financial priorities of the LGBTQ+ community

While LGBTQ+ individuals may come from different backgrounds, have different family experiences and represent every race, age and career choice, they share hard-won struggles and experiences. The month of October is LGBTQ+ history month, dedicated to celebrating the achievements of the LGBTQ+ community. With this in mind, we focus on the financial goals and aspirations of the LGBTQ+ community as revealed in the third part of our “Diverse Viewpoints” series.

Financial independence, paying for health care, and caregiving were top concerns for members of the LGBTQ+ community who participated in Merrill’s “Diverse Viewpoints” study.1 From a career perspective, affluent LGBTQ+ individuals were twice as likely to feel they’d worked harder than the general population to overcome stereotypes. The study also showed that LGBTQ+ individuals were less likely to have achieved key financial milestones, such as buying a home, on the same timeline as the general population—and were more likely than their non‑LGBTQ+ peers to say they had to chart their own path toward financial independence.

These are just a few of the findings from the in‑depth surveys and one-on-one conversations that explore how different factors shape the financial concerns and priorities of the LGBTQ+ community. We encourage you to watch the video roundtable where participants from the community have generously shared insights about their lives and financial experiences.

Key takeaways

Visit the website to watch the video conversation and download the full report.

Share the research with your colleagues and employee-resource groups.

Talk with your Bank of America representative about how we can help you engage your diverse workforce and create more inclusive experiences.

1 “Diverse Viewpoints: Exploring Wealth in the LGBTQ+ Community”, Merrill, July 2021.