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LGBT people in US more likely to be paid less and go into overdraft, according to new study

The study found the LGBT community earned less than the non-LGBT community

2019-01-25

Words: Steve Brown

LGBT+ people in the US are more likely to be paid less and resort to going into their overdraft, according to a new study.

Data obtained by OverdraftApps.com found that around 47 per cent of LGBT+ respondents admitted that they ‘never’ went into their overdraft unlike the 54 per cent of non-LGBT+ people.

The study – which questioned more than 1,000 people of which 11 per cent identified as LGBT+ - also revealed that around 18 per cent of the LGBT+ population went into their over draft three to nine times last year, compared to just 12 per cent of their counterparts.

When discussing wages and earnings, the study found that around 25 per cent of LGBT+ people earned less than $25,000 compared to 14 per cent of the general population.

Of people earning more than $50,000, LGBT+ people were in the minority with just 25 per cent of respondents saying they earn this amount whereas 32 per cent of the general population where in the pay bracket.

Only 12 per cent admitted to earning between $75,000 to $100,000 compared to 16 per cent of non-LGBT+ people.

Furthermore, the research questioned people’s opinions on the current administration and found that 90 per cent of LGBT+ respondents do not trust the Trump administration to help lower bank fees.

Around 94 per cent admitted to not believing Trump will be able to decrease bank fees. Around 84 per cent of non-LGBT+ community agreed.

Paul Golden, from the National Endowment for Financial Education, said in the report: “Everyone is now aware that fees are a multi-billion-dollar business for banks.

“They are going to charge whenever and wherever they can, so it’s really up to people to rack their finances, finding alternative ways to borrow money.”