This past year, the murders of George Floyd and Breonna Taylor sparked discussions around racism and inequality in America, prompting calls for social justice. Social injustice, however, is not limited to the inexcusable deaths of unarmed black and brown Americans. Disparities in financial resources also poke holes in the American Dream and keep many Americans struggling to get above the poverty line. While exploring the ThinkNow ConneKt platform, we discovered the LGBTQ+ community is a victim of financial inequality. They report an income of just $10,000 versus $150,000 reported by the Total Market.
For those familiar with the struggles of coming out, it may come as no surprise that members of the LGTBQ+ community face financial hurdles. Sixty-one percent of respondents stated being concerned for their financial future, compared to 56% of the Total Market. When we look at the financial products used by the LGBTQ+ community, 50% have a checking account and savings account. In comparison, 72% of the Total Market owns a checking account, and 65% own a savings account.
If you consider LGBTQ+ consumers earning $10,000 annually and the 45% who have some form of a loan (e.g., auto, student, mortgage, personal, or pay day), it is no wonder that 52% of respondents feel financially overwhelmed. The LGTBQ+ community needs equitable access to financial literacy to close the financial wealth gap and achieve financial security for themselves and their families.
LGBTQ+ consumers are a multifaceted community. Using the ConneKt tool, we can craft a 360-degree view of this consumer so brands can better understand how to meet their needs. Here are a few highlights:
Health & Lifestyle
Media & Entertainment