Central PA's LGBT News Source

Financial Stability & Comfort in Workplace

Pessimistic outlook from surveyed LGBTQ millennials

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TD Bank and TD Securities June 5 released a workplace and financial equality survey of more than 1,200 full and part-time LGBT workers in the U.S. The survey found that only half of millennial LGBT workers rate their current financial situation positively, with 60% of millennial respondents admitting to having less than three months of emergency savings and 71% of those with a bachelor's degree struggling with student loan debt.

The recent passage of the Equality Act by the U.S. House of Representatives is a powerful step towards a future where millions of LGBT Americans and their families no longer have to worry about being treated as less than equal in their places of work. However, discrimination is still a daily reality for many workers in the U.S.

Over one-fifth (22%) of millennial workers feel that being out about their sexual orientation to more senior staff will hurt their career advancement

While millennial workers are equally likely as older generations to be out in the workplace, less than one-third (33%) of millennial workers see senior management members who are out as LGBT community members

When it comes to creating an inclusive company culture for LGBT workers, the call is being sounded for employers to do more to keep up with the cultural shifts that are being driven by conversations around inclusivity, gender identity and diversity.

Other survey data highlights
  • 42% of millennial LGBT workers either use gender-neutral pronouns for themselves or have a partner or close friend that uses gender-neutral pronouns, compared to only 26% of LGBT Gen X and Baby Boomer workers.
  • 68% of millennial LGBT workers surveyed responded that a company having "a gender identity and expression non-discrimination policy" is most important in a workplace.
  • 18% of LGBT millennial workers indicated that they have access to an LGBT Employee Resource Group at their place of work.
  • 80% of millennial LGBT workers said "sexual orientation non-discrimination policy" is very important.
  • 60% of LGBT millennial workers have less than three months of emergency savings.
  • 71% of LGBT millennial workers with a bachelor's degree have current student loans and their median student loan debt owed is $40,000 per person.

The TD survey found that LGBT positivity is an important consideration for millennials when choosing an employer with almost two-thirds of workers looking at an employer's reputation as an LGBT inclusive organization before pursuing employment opportunities.

Organizations that can foster a workplace culture where the LGBT community feels supported and safe will be more competitive and will be better able to attract and retain the best talent.

LGBT millennials are not confident when it comes to managing their finances and achieving financial stability. Only half of millennial LGBT workers self-evaluate their financial situation positively, 9% lower than that of LGBT Generation X and Baby Boomer workers (59%). Student loan debt has forced millennial workers to put off significant life goals, most importantly building emergency savings (63%), saving for retirement (51%) and buying a house (46%).

"The freedom to be your fullest self that equality enables in each of us can empower success in every facet of our lives," said Jonathan Lovitz, LGBT Youth and Business Advocate. "This survey shows us that it is important for organizations like TD Bank to take steps in understanding the obstacles that LGBT communities face so we can better become advocates for cultivating inclusive environments in our workplaces, and throughout society."