Our favorite Swedish pop supergroup once said, “Money, money, money must be funny in a rich man’s world.”

But despite our best efforts, we are note living to an ABBA song and we have to figure out our own finances.

Additionally, the LGBTQ+ community often faces unique challenges in banking, budgeting, and planning for a financial future.

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According to LGBTQ+ Financial Landscapes, a research study by US Bank, LGBTQ+ people typically achieve financial independence at a younger age, especially those in communities of color. And with the freedom to live by our own rules, we tend to discuss our financial aspirations 30% more often than our straight counterparts.

That being said, reaching goals like home ownership, family planning, or gender-affirming care come with obstacles.

According to the report, 52% of LGBTQ+ people had a difficult time getting a mortgage with a higher credit score, 90% of gay adults used credit cards to finance building a family, and more than half of all queer respondents indicated “extreme or moderate stress due to access to medical care.”

Thankfully, US Bank is committed to supporting the LGBTQ+ population in achieving their financial goals.

We can’t promise to win “fortunes in one game” –– sorry, ABBA! –– but with these tips, you can start improving your life.

1. Having an estate plan is crucial.

Whether your estate is large or growing, having a comprehensive plan is the only way to ensure that your wishes are met after you pass on. Is one ESPECIALLY important consideration for LGBTQ+ people who sometimes lack family support, have children or are in domestic partnerships. (And you wouldn’t want your precious vinyl collection to fall into the wrong hands!)

It’s an understandably sensitive topic. But getting started by creating a will, establishing advance directives and naming beneficiaries is easier than you think.

2. Find the right team and home ownership is possible.

According to a study by Iowa State University, only 49% of the LGBTQ+ community owns a home compared to nearly 64% of the total US population. That said, home ownership can be less challenging than getting Madonna tickets with your finances in order –– and the right team.

With this handy guide to buying a home from US Bank, you can learn the qualifications and documents needed to approach a mortgage lender and find the right real estate agents and lenders to smooth the process.

3. Make a financial plan for your future.

We hate to break it to you, but “putting it in plastic” is not sustainable. You need a personalized plan to work toward your financial goals. With helpful planning resources from US Bank, you can more easily assess expenses and expenses and look to the future.

By starting with analyzing your situation and expenses, you can set financial goals – from the journey to home ownership to starting a family – and from there, budget to fund them with savings and investments. Puerto Vallarta (or Disney World), we’re coming for you!

4. If you are interested in parenting, consider all your options.

More LGBTQ+ people are starting families than ever before. 77% of queer millennials have started or plan to have children, according to a 2019 Family Equality study. That said, LGBTQ+ parenting often means charting an unconventional path. And that can be expensive!

With this family planning guide from US Bank, you can understand the financial obligations associated with adoption, surrogacy, or assisted reproductive technology like IVF. From there, creating a savings plan or exploring additional options with a banker or US Bank goals coach can help you reach your goal.

5. Know your rights and protections.

Whether building wealth or starting a family, having your name on an account or birth certificate may not be enough. Between state and national laws, planning and protecting a future can be fraught with complications for queer people.

That’s why, as members of the LGBTQ+ community, it’s important to know your rights in protecting your family and assets, including adoption rights, surrogacy protection, power of attorney, and the creation of a will and trust.

Learn more about how US Bank is supporting the LGBTQ+ community through a commitment to education and helping you through all stages of life.

Investment and insurance products and services, including annuities are:
NO DEPOSIT • NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
US Bank and its representatives do not provide tax or legal advice. Your tax and financial situation is unique. You should consult your own tax and/or legal advisor for advice and information regarding your particular situation.
US Bank does not offer insurance products, but may refer you to an affiliated or third party insurance provider.

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