Despite the very real problem of the queer and trans community being more underemployed and underpaid than heterosexual counterparts, which has led to an LGBTQ health gap in the U.S., according to Pew Research, a new survey from Daylight finds that Gen Z is working toward setting a new standard for queer empowerment when it comes to finances.
According to the report from Daylight, the platform furthering the financial well-being of the LGBTQ community through advice and banking alternatives, Gen Z believes that identifying as LGBTQ negatively impacts their finances, however, are motivated to prioritize finances with trusted sources that will allow them to have ownership of their identities. Specifically, the survey found Gen Z wants to “learn how to manage their money” and expects to do it on the job.
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“Banks and financial institutions have fallen short when it comes to supporting the LGBTQ+ community and it shows. LGBTQ+ community members have been discriminated against financially due to sexual orientation and gender identity and it’s taken a toll,” said Rob Curtis, cofounder and chief executive officer of Daylight. “The queer and trans community has $1 trillion spending power in the US and yet 44 percent of LGBTQ+ people consistently struggle to maintain regular savings. Gen Z is the most educated generation to date and they’re ready to take control of their finances. They’re prioritizing their finances with trusted sources like Daylight, which offers unique financial tools and support to empower LGBTQ+ community members’ finances.”
Notably, Gen Z is a highly educated generation comparatively with 57 percent of 18- to 21-year-olds reporting they were enrolled in a two-year or four-year college.
At the same time, Daylight’s survey revealed the way Gen Z consumers approach money has some key differences when compared to older members of the community. Trust is a huge part of that with survey respondents saying they are “looking for satisfaction in resources designed to help them save for retirement, manage debt and learn how to budget, all from mobile devices.”
A majority of Gen Z consumers also said they have a desire for supporting other members of the community and are motivated to withdraw support from companies that do not support LGBTQ causes. Daylight users surveyed also reported being more confident in their identities and won’t settle for service providers that do not affirm behavior.
“Gen Z is championing queer empowerment in more than one way, but it all stems from financial empowerment in the community,” Curtis said. “Our most recent survey on Gen Z and queer empowerment found that Gen Z is spending with a purpose. They’re shopping queer-owned businesses, supporting the community through mutual aid, donating to nonprofit organizations and they’re boycotting companies that don’t support their ideologies or the community. These are routine spending habits that Gen Z has adopted.”
As the country heads into a recession, Gen Z respondents told Daylight they are looking to financially future-proof their lives.
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