TD Bank Survey Uncovers Pessimistic Outlook on LGBTQ2+ Millennials’ Financial Stability and Comfort Within the Workplace
Survey found only 50 percent would rate their current financial situation positively
TD Bank, America’s Most Convenient Bank and TD Securities are proud to be a platinum level sponsor of WorldPride 2019, a series of events that will mark the 50th anniversary of the Stonewall Uprising, culminating in the Pride March in Manhattan on June 30. To celebrate the progress achieved to date, and the journey to inclusion that remains, TD Bank and TD Securities today released a workplace and financial equality survey of more than 1,200 full and part-time Lesbian, Gay, Bisexual, Transgender, Two-Spirit, Plus (LGBTQ2+) workers in the U.S. The survey found that only half of 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.
“At TD Bank, we are honored to sponsor the upcoming WorldPride events which celebrate the lives of our LGBTQ2+ community as we strive to always encourage inclusivity,” said Girish Ganesan, Head of Talent, TD Bank. “To demonstrate our commitment, TD Bank was the first bank to create a Vice President for Business Development role with a specific duty to ensure that the financial needs of the more than 750,000 New Yorkers who identify as LGBTQ2+ are being met.”
LGBTQ2+ Workplace Equality Still an Uphill Battle
The recent passage of the Equality Act by the U.S. House of Representatives is a powerful step towards a future where millions of LGBTQ2+ Americans and their families no longer have to worry about being treated as less than equal in their places of work. However, discrimination is still a daily reality for many workers in the U.S.
- Over one-fifth (22%) of millennial workers feel that being out about their sexual orientation to more senior staff will hurt their career advancement
- While millennial workers are equally likely as older generations to be out in the workplace, less than one-third (33%) of millennial workers see senior management members who are out as LGBTQ2+ community members
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Creating an LGBTQ2+ Inclusive Workplace
When it comes to creating an inclusive company culture for LGBTQ2+ workers, many employers must do more to keep up with the cultural shifts that are being driven by conversations around inclusivity, gender identity and diversity.
- 42 percent of millennial LGBTQ2+ workers either use gender-neutral pronouns for themselves or have a partner or close friend that uses gender-neutral pronouns, compared to only 26 percent of LGBTQ2+ Gen X and Baby Boomer workers
- 68 percent of millennial LGBTQ2+ workers surveyed responded that a company having “a gender identity and expression non-discrimination policy” is most important in a workplace
- Only 18 percent of LGBTQ2+ millennial workers indicated that they have access to an LGBTQ2+ Employee Resource Group at their place of work
- Of those who have access to LGBTQ2+ resource groups, 57 percent are members
- When asked what is most important in a workplace, 80 percent of millennial LGBTQ2+ workers said “sexual orientation non-discrimination policy” is very important
Millennial workers demand that employers have employment non-discrimination policies that assure a level playing field in the workplace. The TD survey found that LGBTQ2+ positivity is an important consideration for millennials when choosing an employer with almost two-thirds of workers looking at an employer’s reputation as an LGBTQ2+ inclusive organization before pursuing employment opportunities. Organizations that can foster a workplace culture where the LGBTQ2+ community feels supported and safe will be more competitive and will be better able to attract and retain the best talent.
LGBTQ2+ millennials are not confident when it comes to managing their finances and achieving financial stability. Only half of millennial LGBTQ2+ workers self-evaluate their financial situation positively, nine percent lower than that of LGBTQ2+ Generation X and Baby Boomer workers (59%). Student loan debt has forced millennial workers to put off significant life goals, most importantly building emergency savings (63%), saving for retirement (51%) and buying a house (46%).
- 60 percent of LGBTQ2+ millennial workers have less than three months of emergency savings
- 71 percent of the millennial workers with a bachelor’s degree have current student loans and their median student loan debt owed is $40,000 per person
- Almost one fifth of LGBTQ2+ workers have $100,000 or more in student loan debt
“The freedom to be your fullest self that equality enables in each of us can empower success in every facet of our lives,” said Jonathan Lovitz, LGBTQ2+ Youth and Business Advocate. “This survey shows us that it is important for organizations like TD Bank to take steps in understanding the obstacles that LGBTQ2+ communities face so we can better become advocates for cultivating inclusive environments in our workplaces, and throughout society.”
TD’s support of WorldPride 2019 aligns with the Bank’s launch of The Ready Commitment, a corporate citizenship platform designed to open doors for a more inclusive tomorrow through community giving in four areas – financial security, vibrant planet, connected communities and better health. TD Bank will have two floats in the New York City Pride March and will also be sponsoring the New York Public Library’s Stonewall 50 Exhibit, commemorating the Stonewall Riots that took place in 1969.
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