21 Jun LGBTQ Community, Millennials Insecure About Financial Stability, Workplace Comfort: Survey
TD Bank released a survey this week that found that only half of U.S. millennial LGBTQ2+ workers rate their current financial situation positively, with 60 percent of millennial respondents admitting to having less than three months of emergency savings and 71 percent of those with a bachelor’s degree struggling with student loan debt.
Despite the current administration’s claims of a strong economy for everybody, LGBTQ2+ employees face negative impacts to their financial status because of discrimination at work.
According to TD Bank’s survey, over one-fifth, 22 percent, of millennial workers feel that being out about their sexual orientation to more senior staff will hurt their career advancement and while millennial workers are equally likely as older generations to be out in the workplace, less than one-third, 33 percent, of millennial workers see senior management members who are out as LGBTQ2+ community members.
Student loan debt has also hit the millennial generation hard. Approximately 63 percent of Millennials have to put off building emergency savings, 51 percent aren’t saving for retirement and 46 percent are holding off on buying a house.
If American companies want to continue to attract top talent, they have to become more inclusive in the workplace. The survey found that LGBTQ2+ talent take diversity and inclusion seriously.