4 benefits to support LGBTQ+ employees in the workplace. These 4 key benefits can provide additional support to the unique challenges facing LGBTQ+ employees in the workplace.
Members of the LGBTQ+ community report disproportionate levels of financial stress compared to straight and cis-gendered peers. In a survey of 2,005 LGBTQ+ Americans conducted by the Motley Fool, over two-thirds of respondents rated their financial stress as “very high.” Another 38% rated their stress as somewhat high. With this in mind, here are just a few benefits to support members of the LGBTQ+ community in your workplace.
1. Improve benefits education for LGBTQ+ employees
A MassMutual study revealed that 53% of LGBTQ+ workers are unsure where to go when it comes to getting financial advice. Increasing access to benefits education is one of the best ways you can help employees. It’s important for team members to know exactly what benefits are available and how they apply to them.
Let LGBTQ+ employees know that they qualify for family and spouse benefits too. Only 50% of employees are out to their current supervisors, according to Williams Institute, so use gender-neutral language during benefits education. Rather than referring to husbands or wives, aim to refer to a “spouse” or “partner” so they know they too qualify for these benefits.
2. Educate employees on retirement program options
Retirement is something all people need to prepare for, but for members of the LGBTQ+ community, financing retirement can be particularly stressful. Fifty-three percent of LGBTQ+ members report being worried they’ll never retire in comparison to just 39% of straight and cis-gendered peers, according to a study from Lincoln Financial Group. Establishing and sharing information on your employee’s retirement plan options can help limit a portion of their financial stress.
3. Provide family planning resources for LGBTQ+ families
While family planning resources should always be offered to your workforce, these resources are crucial especially for LGBTQ+ employees who may be exploring a wide array of paths to parenthood. For most LGBTQ+ couples, this process could include surrogacy, private adoption, foster care, IVF or more.
Many family planning options can be expensive. IVF alone can cost over $23,000, with adoption costs even higher. According to a study done by FamilyEquality.org, roughly 45-53% of LGBTQ+ millennials are planning to become parents in the future. With these numbers in mind, supporting employees by providing a full range of resources can help with both financial and general planning.
4. Offer financial wellness solutions
The same study from Lincoln Financial Group found that roughly 47% of the LGBTQ+ community has expressed feeling significant financial stress in comparison to just 36% of the general population. Roughly 69% of the LGBTQ+ community also says this stress also impacts their ability to manage or improve their personal finances. Offering financial wellness solutions can help dial down stress for all employees, but especially the disproportionate financial stress LGBTQ+ employees experience.
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Best Money Moves is a financial wellness solution designed to help dial down employees’ most top-of-mind financial stresses. As a comprehensive financial wellbeing solution, Best Money Moves offers 1:1 money coaching, budgeting tools and other resources to improve employee financial wellbeing. Our AI platform, with a human-centered design, is easy to use and fit for employees of any age.
Whether it be college planning or securing a mortgage, Best Money Moves can guide employees through the most difficult financial times and topics. Our dedicated resources, partner offerings and 700+ article library make Best Money Moves a leading benefit in bettering employee financial wellness.
To learn more about Best Money Moves Financial Wellness Platform, let’s schedule a call. Contact us and we’ll reach out to you soon.