LGBTQ Pride Flag

Celebrate Pride with AFCPE!

June is LGBTQ+ Pride Month! Pride is a time to celebrate and recognize the work of LGBTQ+ Accredited Financial Counselors®, Candidates, and Members and their impact on the field.

Pride is also an opportunity for all of us, as financial professionals, to ensure that we are using a lens of inclusion in our work.

It’s essential to understand and recognize how discrimination affects the LGBTQ+ community, and how it manifests in unique financial challenges.

The LGBTQ+ Community has Unique Barriers to Financial Capability

Did You Know:

  • One-third of LGBTQ Americans reported that discrimination moderately or significantly affected their financial well-being – including 37% of Black individuals and 54% of transgender individuals. [Center for American Progress]
  • 22% of the LGBTQ population makes less than $12,000 annually. [NBC News]
  • Around 3 in 10 LGBTQ Americans faced difficulties last year accessing necessary medical care due to cost issues, including more than half of transgender Americans. [Center for American Progress]
  • LGBTQ student loan borrowers have a higher debt burden on average, with $16,000 more than their cisgender/heterosexual peers. [CLEAR]
  • Same-sex borrowers are 73% more likely to be denied mortgage loans. [NBC News]
  • About 40% of LGBTQ borrowers have been denied help from a financial professional due to their sexual orientation. [Student Loan Hero]

How You Can Support the LGBTQ+ Community in June and Beyond

This year, be intentional about seeking out opportunities to educate yourself on LGBTQ+ issues. Then, review your policies, educational materials, research, and guidance for unconscious bias. Truly ensure you’re showing up fully for your LGBTQ+ clients and colleagues in your work, all year long.

With the help of AFCPE staff, Members, and certified professionals, we have compiled a list of resources that can be used to guide and support you in your work with the LGBTQ+ community. This list is not comprehensive, but it can serve as a starting place in your journey to creating an environment that is safe and supportive for your LGBTQ+ colleagues and clients.

Have resources to add? Drop them in the comments below!

LGBTQ couple holding their baby

Recognizing Financial Challenges

From family planning, to medical expenses, to guardianship, the LGBTQ+ community regularly navigates a variety of financial challenges. Familiarizing yourself with these issues will not only make you a more effective financial counselor, but it helps make financial freedom truly accessible to all.

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Addressing Barriers to Accessing Financial Services

Because of discrimination and bias, many members of the LGBTQ+ community have to be careful when choosing a financial professional. Some will opt to not disclose their sexual orientation at all. Build an atmosphere of trust for your clients by creating a space where they can show up openly as their full selves without concern.

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Building an Equitable Business

If you’re working to create a more equitable private practice or business, it’s critical that you have the right tools and strategies for both recruitment and retention.

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