The Financial Cost of LGBT Discrimination
There are still 30 states where it is legal to discriminate against someone because they identify as LGBT. Such inequalities affect our quality of life. But have you ever thought about how LGBT discrimination affects your financial health?
LGBT discrimination and debt
Leslie Tayne is the founder and principal attorney at Tayne Law Group, a debt solutions law firm based in New York City. Leslie has 20 years of experience practicing financial debt services for consumers and businesses and her work has been published in Inc Magazine, Forbes and the Huffington Postamong many other media. Tayne Law Group has been voted Best Debt Consolidation Service Provider by Bethpage Federal Credit Union four years in a row, and Leslie has been recognized as one of them twice Long Island Business News Top 50 most influential women in business. She is also the author of Life and Debt: A New Approach to Achieving Financial Health.
Leslie joins us to give us her insights into LGBT discrimination and what steps you can take if you are being discriminated against. She discusses the impact of discrimination on our finances and explains why having a healthy savings account is crucial for the queer community. Listen to Leslie’s top tips for dealing with debt and learn how short-term financial discipline can lead to long-term benefits.
Listen to our discussion as Leslie Tayne discusses LGBT discrimination and debt:
1. Where we live
75 percent of LGBT people live in either the urban core or suburbs. The main reason for this is safety in numbers. In fact, our number one post is on DebtFreeGuys.com Affordable gay cities. This is because, as many of us can understand, living in larger and safer urban areas or traditionally is more expensive.
2. Success in our careers
Discrimination against LGBT people in the workplace has only recently begun to ease as companies advocate for all their employees and ensure a safe and harassment-free workplace. While this is primarily due to the policies put in place, we know that not all companies have the ability to actually monitor these policies. This means that many LGBT people remain hidden at work. A whopping 40% of queer people still hold back at work for fear of discrimination.
As Jay Allen, former senior vice president at Charles Schwab, once pointed out Queer money™ Podcast: When we hide who we are at work, we use up energy that we could be using to give our best and 100% to our work. For many in the LGBT community, this means that we stagnate in our jobs, don’t seek promotions, and don’t connect with our colleagues where opportunities might arise because we don’t want to be “outed” at work.
3. Our expensive training courses
A recent study by MassMutual uncovered data showing that the average LGBT household has about $40,000 more in student loan debt than the general population. This is often because we need to prove our worth to ourselves, our families, and our employers in order to feel like we are “equal.” This is also proven by data from a study carried out in England.
Solutions?
For the reasons stated above, we invited Leslie to discuss discrimination and debt Queer money™. Not only did she provide some great data, but she also discussed ways we can prepare to confront LGBT discrimination head-on, particularly in the workplace.
Topics covered regarding LGBT discrimination
Leslie’s insight into LGBT discrimination
- Very tolerant community, large LGBT population
- Less blatant discrimination than in other areas
- It is still legal to fire or refuse services in 30 states
Leslie’s advice on dealing with perceived discrimination
- Keep detailed written records and look for patterns
- Discuss the matter with an employment lawyer or a trusted friend
- Bring problems to HR or your supervisor and document them
- File a complaint with the state Department of Labor or EEOC
The importance of discussing perceived bias before contacting HR
- Avoid “howling wolf” due to increased sensitivity
- Must be taken seriously to bring about real change
Leslie’s financial advice for the LGBT community
- Larger savings cushion (12 months of living expenses)
- Have more cash on hand for emergencies (e.g. evacuation).
Why debt continues to grow for minority communities
- Lack of access to information, support
- No two finances are the same (priorities are different)
Leslie’s attitude towards changing careers for financial reasons
- Don’t be afraid, it could be the best option
- Self-preservation and peace are most important
Leslie’s top tips for dealing with your debt
- Be aware of your spending habits
- Budgeting is a necessity
- Practice self-control
What Life & Debts offers readers
- Practical advice (budget, credit score, etc.)
- Focus on changing your mindset around money