What You Don’t Know About LGBTQ Financial Wellness
What is the current state of LGBTQ financial well-being? How does it affect your physical and mental health? Prudential’s Financial Wellness Advocate Amanda Clayman tells all.
This is a sponsored post written in collaboration with Prudential. All opinions expressed in this post are based on our personal views.
Hear what Amanda has to say about LGBTQ financial well-being:
Meet Amanda Clayman
Amanda Clayman is a leading expert in the field of financial therapy. She is a money coach in private practice and a financial wellness advocate for Prudential Financial. Amanda has extensive experience working with LGBTQ clients and led the Financial Wellness program for The Actors Fund for ten years. Amanda is passionate about helping people move beyond shame and frustration around money and find opportunities for personal growth on the path to financial health.
Amanda joins us to discuss the driving force behind Prudential’s 2018 Financial Wellness Census and explore the specific findings for LGBTQ respondents. She offers advice on what we can do in our daily lives to achieve financial well-being and talks about the risks associated with remaining financially hidden. Listen to Amanda’s insights into the five components of a financially healthy LGBTQ relationship and learn how the queer community can prioritize financial well-being and become empowered both individually and collectively!
Covered topics related to LGBTQ financial well-being
The impetus behind Prudential’s Financial Wellness Census
- Tailor products to research and analysis
- Understand the experience of financial challenges
Why Prudential focused on the LGBTQ community
- Identify what makes financial life different
- Rapidly changing circumstances (e.g. spousal benefits)
Amanda’s experience working with the queer community
- Led a financial wellness program at the Actors Fund
- Differences in family structures, episodic work
The stats that stood out to Amanda in the Prudential study
- Only 27% of LGBTQ respondents have an employer-sponsored retirement plan
- The result is an increased tax burden and the inability to achieve the same progress
What we can do in our everyday lives to achieve financial well-being
- Take stock of the distress caused by the situation
- Find a financial mentor in your community
The analogy to the financial closet
- Hide inside to make the outside look a certain way
- Vulnerability is required to live financial truth
What causes financial stress in LGBTQ couples?
- No “traditional roles” when it comes to money
- Not enough self-knowledge, communication
The five components of a financially healthy relationship
- Same
- Including
- Transparent
- Sustainable
- Flexible
How the queer community can prioritize LGBTQ financial well-being
- Investigate how legislation impacts lives (e.g. survivor benefits).
- Think in terms of group identity and systemic barriers
The danger of remaining in the financial closet
- Keeps us individually and collectively disempowered
- Prevents you from receiving support and recognition
Amanda’s advice for achieving financial health
- Include finances as part of a story to be told
- Get information, connect and get involved