Bias and discrimination unfortunately permeates all facets of our lives. A new report from the National Endowment for Financial Education (NEFE) says that 1 in 3 LGBTQIA+ respondents have experienced discrimination in financial services.

NEFE recently surveyed 1,050 U.S. adults who identify as LGBTQIA+ community members on a broad range of issues regarding their interactions with the financial services industry and their own financial quality of life.

• Approximately 36% of people surveyed feel blocked or discouraged from engaging with financial services and products due to barriers or discrimination in how financial services are designed, marketed or offered (e.g., fee structure, application/approval requirements, etc.).
• Those who indicate that they experience bias, discrimination, or are blocked or discouraged within the financial services section were asked what personal circumstances or identity attributes led to their experience. The top identity attributes selected were age and sexual orientation. Five percent indicates that none of the identity attributes in the survey led to experiencing bias, discrimination, exclusion and limited access to financial services.
• Transgender respondents, about 57%, are more likely than LGBTQ+ cisgender men and women respondents to say they have experienced discrimination and bias.

"When anyone is restricted from fully and fairly participating in the economy it prohibits them from living their best financial life," says Billy Hensley, Ph.D., president and CEO of NEFE. "Even in an era where a significant portion of our financial life is happening online and with limited interaction with others, discrimination, bias and assumptions still happen at a much higher rate among members of the LGBTQ+ community. This population is being pushed aside."