Barriers and Bias: Financial Service Challenges Among Sexual and Gender Minority Couples

Sexual and gender minority (SGM) people experience disparities in financial well-being. To help inform more inclusive and effective financial services for SGM couples, we used a mixed-method approach to examine (a) what has prevented participants from seeking financial services and (b) what types of discrimination have participants faced in seeking services. We collected data via Prolific from 100 women in relationships with women, 101 men in relationships with men, 99 gender minority people in relationships, 98 men in relationships with women, and 100 women in relationships with men. Qualitative data were analyzed using thematic analysis. The results showed that SGM and different-gender couples faced similar barriers, although gender minority participants were the most financially disadvantaged and most likely to report lack of affordability as a barrier. Further, unique discriminations, including heterosexism and transphobia, were concerns among SGM participants. Implications, particularly considering recent sweeping policy changes affecting SGM people, are discussed.