NerdWallet Guide

LGBTQ+ Personal Finance Guide

LGBTQ+ individuals and couples may face unique financial and legal considerations when planning for life’s important events. We’re here to help you navigate them.
Top picks
How to Pay for Gender-Affirming Surgery
How Trans and Nonbinary People Can Change Names on Credit Reports
Car Insurance for Transgender or Nonbinary Drivers
Filling Out the FAFSA: My Parents Are Same-Sex Partners
The State of LGBTQ+ Finances
According to a 2021 Williams Institute survey, members of the LGBTQ community are 12.2 percentage points more likely than non-LGBTQ community members to have federal student loan debt. Moreover, 2021 research by the Human Rights Campaign found that LGBTQ+ individuals are 6 percentage points more likely to live in poverty and that they earn, on average, approximately 89 cents for every dollar earned by their non-LGBTQ+ counterparts.
Most couples can benefit from estate planning to ensure their assets land in the right hands after they die and their health care wishes are followed. But LGBTQ+ couples might have special situations that require extra planning. Here are six steps couples can take to get started with estate plans
On top of potential family and social rejection, the LGBTQ+ community is at heightened risk of financial insecurity because of widespread discrimination in education, hiring and housing. LGBTQ+ people report lower than average credit scores. Here's why that is a problem and steps to overcome.
The CDC has said that PrEP is a key prevention strategy for its ending the HIV epidemic in the U.S. initiative. So why doesn’t everyone who could benefit from PrEP take it? Money is a major factor. Here's how you can get the medication, with or without insurance.
Personal finance can feel especially daunting to members of the LGBTQ+ community, who have faced exclusion and discrimination from their families and financial and government institutions. Finding an advisor who is both culturally and financially competent can help you identify and execute your financial and life goals.
Big banks design their services for a broad customer base, but in doing so, they can fall short of serving the needs of historically marginalized communities. Here’s a look at four neobanks — including Daylight, a neobank focused on serving the LGBTQ+ community — that are on a mission to make a difference.
Related Smart Money Podcast Episodes
Smart Money Podcast: Queer Money Talk
Smart Money Podcast: Get Creative About Money With Paco de Leon
Smart Money Podcast: Used Cars in Short Supply, and Shea Couleé Talks About Money
Additional Resources
Lambda Legal: A civil rights organization with a focus on LGBTQ+ communities.
SAGE: SAGE offers help to older adults in the LGBTQ+ community.
National LGBTQ+ Bar Association: A nonprofit association of legal professionals who aid and promote legal justice for the LGBTQ+ community.
National LGBT Chamber of Commerce: Members of the NGLCC help people in the LGBTQ business community.
StartOut: StartOut offers events, resources and mentorships to inspire, educate and support LGBTQ+ entrepreneurs.
GLAAD: GLAAD serves as the media advocacy organization for the LGBTQ+ community.
Human Rights Campaign: The HRC is a civil rights advocacy group.
Manage your financial goals with expert help