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U.S. Bank is dedicated to supporting the LGBTQ+ community with new study that aims to identify and better serve their financial needs.

U.S. Bank today announced the results of a new research study, “The LGBTQ+ Financial Landscape," which the bank commissioned to better understand the unique challenges and opportunities the LGBTQ+ community experiences with finances. The study aimed to learn more about the financial experiences of LGBTQ+ consumers so organizations, advocates and the community itself can identify actionable outcomes to help empower and develop solutions for each segment of the LGBTQ+ community.

This study helps build understanding and supporting the needs and goals of the LGBTQ+ community regarding their financial life. Following the study, U.S. Bank launched a new LGBTQ+ Family Planning site, which includes information on budgeting for different paths to parenthood.

As part of the study, some 16.9 million data points from open-source, peer-to-peer online conversations about finances were analyzed. The Collage Group, a third-party research firm which conducted the study, then formulated questions based on that analysis and conducted an online study with more than 1,500 participants, of which more than 1,200 self-identified as LGBTQ+.

Recognizing the diversity within the LGBTQ+ community and the unique experiences and challenges each face, the Collage Group compared differences across specific groups within LGBTQ+ populations (e.g., transgender vs. queer vs. lesbian, etc.). U.S. Bank also acknowledges the importance of intersectionality and notes that gender, race, religion, physical ability and other factors play a part in some responses related to discrimination.

Additionally, U.S. Bank will soon launch its fifth LBGTQ+ flagship branch that emphasizes engagement with local LGBTQ+ centers, artwork that reflects the community and employees who are part of the LGBTQ+ community that work in the branch. U.S. Bank also has a U.S. Bank Visa© debit card with a Pride design as a way to inspire community members, especially youth, to participate in the financial system. And, U.S. Bank has supported the Human Rights Campaign's (HRC) efforts by signing several open letters of support for the LGBTQ+ community.  

By continuing to listen, learn and act, U.S. Bank hopes to help the community gain the insights and support needed to take actions that can create a lasting impact on their finances.

Here are some insights that were uncovered in the study:

• Financial Independence: as a whole, the LGBTQ+ community achieves financial independence at a younger age. When looking at the intersection of race - 75% of LGBTQ+ Black respondents (vs. 57% of white) achieved financial independence at age 18–24.
• Financial Goals: 68% of LGBTQ+ respondents (vs. 65% non-LGBTQ+) are comfortable taking risks to achieve financial goals, with queer (78%) and gay (73%) respondents being the most comfortable. 65% of transgender respondents indicated gender affirmation as a financial goal.
• Financial Aspiration: This concept has an especially unique meaning in the LGBTQ+ community – the freedom to live life by your own rules. LGBTQ+ people discuss their aspirational wants 30% more often than non-LGBTQ+.
• Family Formation: 90% of LGBTQ+ respondents used credit cards and 37% used their 401(k) to finance building a family – both of which can be significant setbacks in achieving wealth. 60% desired children but didn’t expand their family because they didn’t feel financially ready or didn’t have access to financing solutions.
• Home Ownership: Gay men showed the highest rate of homeownership (77%) of all respondents, while queer individuals showed the lowest (55%). Despite higher credit scores, 52% of LGBTQ+ respondents said they had a difficult time getting a mortgage (vs. 38% non-LGBTQ+).
• Finances & Health: 48% of LGBTQ+ respondents (vs. 38% non-LGBTQ+) indicated extreme or moderate stress due to medical care access. 45% of Gay and Bisexual respondents reported extreme stress and Queer respondents reported the highest level at 63%.

The survey was fielded in the U.S. in July 2021 by Collage