Central PA's LGBT News Source
TD Bank and TD Securities June 5 released a workplace and financial equality survey of more than 1,200 full and part-time LGBT workers in the U.S. The survey found that only half of millennial LGBT workers rate their current financial situation positively, with 60% of millennial respondents admitting to having less than three months of emergency savings and 71% of those with a bachelor's degree struggling with student loan debt.
The recent passage of the Equality Act by the U.S. House of Representatives is a powerful step towards a future where millions of LGBT 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 LGBT community members
When it comes to creating an inclusive company culture for LGBT workers, the call is being sounded for employers to do more to keep up with the cultural shifts that are being driven by conversations around inclusivity, gender identity and diversity.
The TD survey found that LGBT 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 LGBT inclusive organization before pursuing employment opportunities.
Organizations that can foster a workplace culture where the LGBT community feels supported and safe will be more competitive and will be better able to attract and retain the best talent.
LGBT millennials are not confident when it comes to managing their finances and achieving financial stability. Only half of millennial LGBT workers self-evaluate their financial situation positively, 9% lower than that of LGBT 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%).
"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, LGBT 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 LGBT communities face so we can better become advocates for cultivating inclusive environments in our workplaces, and throughout society."