Why is the Financial Health of Black Queer People in the UK being Ignored?

Why is the Financial Health of Black Queer People in the UK being Ignored?

Happy pride! Culture! Colour! Community! Corporate rainbow flags! Trans visibility! Yay gay! … Money?

There is so little data that examines the financial health of the UK’s Black queer community. For some reason this particular demographic is not being represented in studies on financial independence, its barriers, opportunities, or other vital information. In this month where we celebrate the incredible lives, cultures, and experiences of people who identify under LGBTQIA+ where are the conversations around money? Where are the reports? Is the lack of accessible data a sign that no one is thinking about it?

A statistic from a US-based survey stated that “roughly half (48.15) of LGBTQ+ adults say they are financially unwell, compared to one-quarter (25.7%) of the general public. Both BIPOC and younger (age 18-24) LGBTQ+ adults are even more likely to say they are financially unwell.” We can’t assume that the statistics for the United Kingdom are the exact same, but we can assume that it is likely a global trend for people who are Black and queer experience much higher barriers to acquiring financial health.

Our own survey, conducted in 2022 with our My Moon Landing community found that basic living expenses (34%), debt (23%) and financial commitments towards family (23%) are the biggest challenges preventing respondents from achieving their financial goals. The same survey found that respondents' top 3 financial goals for the next five years are homeownership (66%), sticking to a budget (49%), and building an emergency fund (49%).

Something not spoken about outside of the queer community is how dangerous it can be to come out to family before you have your own stable income and home. Stigma and cultural acceptance can outweigh even the most loving parent and too often queer people are afraid to come out due to fear of homelessness, or have chosen poor work environments and living conditions in order to live their lives freely. This is all magnified for those who identify as Black and have all of history working against their finances. 

So how can we advocate without data? What stories can we tell to inspire surveys and reasonable responses to this glaring lack of information? The scraps of quotes and percentages littered across hours of Google searches are insufficient to say the least. Charities and social enterprises working within this intersection of Black queerness can utilise data to advocate for training and funding, it can help identify common roadblocks that can be assisted with. For decades now, there have been self-help books on money management through the lens of mental blocks, people raised in poverty, gender bias, and language around lack have all been common touch points for these authors. More recently we have seen a rise in books advocating for Black financial health or queer financial health. But the assumption for the first is that people are straight, and the assumption for the second is that people are white.

Black queer money is important and deserving of a much needed spotlight. Financial health is part of a person’s overall wellbeing and the freedom to live an authentic life. This troubling trend is noted and we will continue this discussion to see what can be done within our community and how we can build this awareness into our future work.

In the meantime, please see our previous articles focusing on the financial independence of Black queer people. 

If you haven't already, you can always signup for our free, self-paced Make your Money Work for You training today.