New research from Daylight reveals how Gen Z Americans who identify as LGBTQ approach finances.
“Banks and financial institutions have fallen short when it comes to supporting the LGBTQ+ community and it shows. LGBTQ+ community members have been discriminated against financially due to sexual orientation and gender identity and it’s taken a toll,” said Rob Curtis, cofounder and chief executive officer of Daylight. “The queer and trans community has $1 trillion spending power in the US and yet 44 percent of LGBTQ+ people consistently struggle to maintain regular savings.
Notably, Gen Z is a highly educated generation comparatively with 57 percent of 18- to 21-year-olds reporting they were enrolled in a two-year or four-year college.At the same time, Daylight’s survey revealed the way Gen Z consumers approach money has some key differences when compared to older members of the community.
A majority of Gen Z consumers also said they have a desire for supporting other members of the community and are motivated to withdraw support from companies that do not support LGBTQ causes. Daylight users surveyed also reported being more confident in their identities and won’t settle for service providers that do not affirm behavior.
“Gen Z is championing queer empowerment in more than one way, but it all stems from financial empowerment in the community,” Curtis said. “Our most recent survey on Gen Z and queer empowerment found that Gen Z is spending with a purpose. They’re shopping queer-owned businesses, supporting the community through mutual aid, donating to nonprofit organizations and they’re boycotting companies that don’t support their ideologies or the community.
As the country heads into a recession, Gen Z respondents told Daylight they are looking to financially future-proof their lives.
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