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On the 56th anniversary of the Stonewall uprising, June 28, 2025, the world is more welcoming for the LGBTQ+ community than it was decades ago. Yet, navigating American life as a queer person remains daunting, with federal attacks on LGBTQ+ rights and persistent economic barriers mirroring those that historically impoverished the community. These hidden financial systems fuel a wealth gap, and addressing them is key to closing it. **The Challenge: Family Estrangement** Family rejection remains a major hurdle. A 2022 NIH study found gay and lesbian young adults are 86% more likely to be estranged from their fathers than straight peers, while a 2024 U.K. survey noted 46% of LGBTQ+ individuals aged 18–25 are cut off from at least one family member. Estrangement increases financial vulnerability, with LGBTQ+ youth facing a 120% higher risk of homelessness. The 2023 LEAF Survey revealed 38% of respondents lost family financial support after coming out, leading to higher student debt and over double the rate of bank overdrafts compared to the general population. Dr. Jenna Brownfield, a queer psychologist in Minnesota, highlights less obvious impacts. “It’s not just about inherited wealth—it’s the financial know-how,” she says. Without family guidance on taxes, insurance, or budgeting, queer youth must navigate complex systems alone, often struggling to find reliable resources online. **The Solution: Chosen Family** The LGBTQ+ community has long countered estrangement with chosen families—multigenerational networks of queer friends. Sharing financial knowledge within these circles, despite cultural taboos around money talks, helps younger members build economic resilience, countering marginalization. **The Challenge: Healthcare Access** While only 17% of LGBTQ+ adults lack health insurance in 2025 (down from 34% in 2013 pre-ACA), access to care remains uneven. A Kaiser Family Foundation survey found queer adults face higher discrimination at medical facilities and are more likely to skip needed mental health care due to cost or access issues. Transgender individuals face steep out-of-pocket costs for gender-affirming care, with 82% of LEAF survey respondents paying some expenses themselves—46% spending $5,000 or more, and 33% at least $10,000. Avoiding care due to cost or negative experiences often leads to costly emergency room visits, further draining finances. **The Solution: Medical Allyship** The U.S. healthcare system disproportionately burdens marginalized groups, including LGBTQ+ individuals. Allies can help by accompanying queer friends to doctor’s visits, reducing the risk of discrimination and encouraging preventive care for better health and financial outcomes. Dr. Brownfield notes some cisgender allies assist by securing hormone replacement therapy (HRT) prescriptions to share with trans individuals, as insurance often covers HRT differently for cis and trans patients. However, she warns this risky workaround, driven by restrictive legislation, compromises safe medical oversight. “When gender-affirming care is banned, its use doesn’t stop—it just becomes less safe,” she says. **The Challenge: Mortgage Discrimination** A 2019 study in the Proceedings of the National Academy of Sciences found that same-sex couples are 73% more likely to be denied mortgages than heterosexual couples. Homeownership rates reflect this: only 49% of queer adults own homes, compared to 64% of the broader U.S. population. Since a primary residence accounts for about 45% of a homeowner’s net worth, this exclusion stifles wealth-building. **The Solution: Shared Housing** Dr. Brownfield points to the queer community’s tradition of informal shared housing, often led by a “house mother” figure, where resources and responsibilities are pooled. While typically rentals, these arrangements offer affordable living, enabling savings for future goals like homeownership. **Making Systemic Issues Visible** These financial barriers and community-driven solutions are familiar to queer individuals, but allies must recognize that systemic challenges persist beyond Pride season. By illuminating and addressing these hidden systems—through shared knowledge, medical support, or collective living—both the LGBTQ+ community and its allies can work year-round to dismantle economic marginalization and build a more equitable future.
The monthlong LGBTQ+ Pride celebration concluded with vibrant parades and events across the U.S. and around the world.
Originating with Gay Pride Week in June 1970, a year after the Stonewall Inn raid in New York, Pride events have since expanded globally to cities like Budapest and Mexico City.