A new survey’s findings corroborate years of research showing that LGBTQ+ people experience poverty at high rates.
, that are part of the organization’s work to boost economic empowerment for transgender people.
Discrimination by banking institutions creates additional stress for LGBTQ+ people, the survey found. For transgender respondents and LGBTQ+ people of color, discrimination at work is an especially high concern. One in 10 respondents to the survey said that they had faced discrimination while using banking or financial services, while nearly 1 in 4 LGBTQ+ respondents said that they had experienced financial challenges because of their sexual orientation or gender identity.
Respondents described being harassed by employees and by other customers, denied joint accounts or loans with their same-sex partners, and denied services due to their name or gender being updated on identity documents. Amid these barriers to financial security, LGBTQ+ people are more reliant on predatory financial products like payday loans and pawn shop loans, Watson said — saddling them with more interest and fees.by the Supreme Court — would help ease the significant financial burden for LGBTQ+ people, Watson said, as well as the intervention of banking and credit regulators.
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