A recent survey by OverdraftApps.com, a personal finance blog, suggested that sexual orientation could have an impact on a person’s level of financial cynicism.
The survey found that LGBTQ community members have a lower level of faith in banks and financial institutions than many other groups.
According to the survey, a whopping 90% of respondents believe that financial institutions do not work in the best interests, as opposed to the 75% of the general population who express this view. The survey found that the general population has little confidence in Washington or WallSex Street. Half of those surveyed said they had been taken advantage of by a financial institution. Of all the respondents, 78% do not believe the current administration will do anything to improve the situation. In particular, 83% said that they do not expect President Trump to be of any help.
The survey also revealed a sharp difference income for LGBTQ community members and the general population. Of the overall population, 14% reported incomes of less than $25,000 per year, while 25% of the LGBTQ population reported a lower income. Around 32% of the general population makes $50-75,000 annually, while the figure is 25% for the LGBTQ community. In the $75,000 to $100,000 range, 12% of the earners are LGBTQ, while the figure for the general population is 16%.
OverdraftApps found that 18% of the LGBTQ community uses overdraft protection from 3-9 times annually, while only 12% of the general population uses overdraft protection at the same rate.
OverdraftApps.com co-founder Ruben Akinin notes “Understanding exactly what has made the LGBTQ community so wary of financial institutions should go some way to help guide the financial institutions on the services, help and advice they should be offering.”
For more information, please read:
Sexual Orientation May Impact Financial Attitudes | FA-Mag.com