June 9th 2024.
Living as an LGBTQ+ person comes with a unique set of challenges, including financial considerations that may not be apparent to those in the straight community. It's not just about fighting for equality and acceptance, but also about the tangible impact on one's life and wallet.
Pride is a crucial celebration for the LGBTQ+ community, but for many individuals, it's not just about the parade and the parties. Day-to-day realities and material concerns can greatly affect their ability to feel secure and happy in their own identity. According to Maslow's hierarchy of needs, before someone can reach love and belonging, esteem, or self-actualization, they must first have their physiological and safety needs met.
One of the most important necessities for any person is a stable home. However, for LGBTQ+ individuals, finding a safe and supportive living situation can be a daunting task. Research shows that almost 20% of LGBTQ+ Brits have experienced homelessness at some point in their lives, with 77% of homeless LGBTQ+ youth being forced out of their family home after coming out.
Even when housing is secured, there is the added financial burden of potentially paying more for a LGBTQ+-friendly environment. Taking a chance on a house-share or landlord who may not be accepting can result in incidents such as threats of eviction, rent increases, harassment, and even violence. Additionally, rents in larger cities, where the queer and gender nonconforming community may feel more accepted, can be significantly higher than in other areas.
Financial planning is crucial for LGBTQ+ individuals, and it's something that queer founder and CEO of private equity firm Alternative Wealth Partners, Kelly Ann Winget, wants to raise awareness about. She emphasizes the impact of "pink money," the purchasing power of the LGBTQ+ community, and encourages investing ethically when possible.
Kelly stresses the importance of starting financial planning as early as possible for LGBTQ+ individuals, as they may face the unfortunate reality of being cut off financially by their families after coming out. It's not an easy task, but it's essential to have honest discussions about financial insecurities and goals. She also recommends having an emergency fund to prepare for potential safety issues or situations like domestic violence.
Of course, not every LGBTQ+ person has the same financial situation. A gay couple with well-paying jobs may be better off than a single person on a low wage, regardless of their sexuality. However, for trans individuals, there are specific additional costs to consider in order to affirm their identity.
For 32-year-old Thea Bardot, who began presenting as femme during the pandemic and recently underwent vaginoplasty surgery, the financial burden has been significant. Thea acknowledges her privilege as the CEO of Lightning Travel, allowing her to afford some things that other trans or gender nonconforming individuals may not, such as private healthcare. However, she estimates spending around £25,000 in the last few years on costs directly related to her gender identity.
Transitioning gender can be a costly journey, with expenses such as therapy, surgeries, and time off work adding up. Thea's initial journey as a non-binary person exploring her gender in therapy ultimately led to her decision to undergo genital reconstruction surgery. In addition to the cost of the procedure itself, she also had to take six weeks off work, which could be financially devastating for those who are not self-employed.
Having to buy new wardrobes and even experiencing physical changes, such as a change in shoe size, can also add to the financial burden. Thea is currently saving up for facial feminization surgery, which may take some time considering the amount she has already spent on affirming her identity.
For Dr. Omar Tillo, medical director and senior body plastic surgeon at LGBTQ+-friendly clinic Creo Clinic, the costs of gender-affirming procedures can vary widely. He provides estimates for various surgeries, such as vaginoplasty, phalloplasty, facial feminization, chest reconstruction, voice feminization, and buttock augmentation.
Ultimately, the cost of transitioning gender can be significant, with expenses ranging from £15,000 to £60,000 or more depending on the specific surgery, the surgeon's expertise, and the location of the procedure. But for many LGBTQ+ individuals, this is not a choice but a necessary step to be their authentic selves.
Living as an LGBTQ+ person comes with a unique set of challenges that many straight people may not have to consider. It's not just about acceptance from family and friends, but also about safety and the financial impact that comes with existing in a heteronormative world. While pride is important for our community, it's also important to address the day-to-day material concerns that can greatly impact our ability to feel secure and happy in our own identity.
According to Maslow's hierarchy of needs, before we can reach love, belonging, esteem, or self-actualization, we must first have our physiological and safety needs met. This includes having a stable home, which is a key necessity for anyone. However, for LGBTQ+ individuals, finding a stable home can be a challenge due to issues such as unsupportive parents or housing providers who are homophobic or transphobic. Research has shown that nearly one in five LGBTQ+ individuals in Britain have experienced homelessness at some point in their lives, and a staggering 77% of homeless LGBTQ+ youth were forced out of their family homes after coming out or being outed.
Even if LGBTQ+ individuals are able to find suitable housing, they may have to pay more for it. Taking a chance on a house-share or landlord who may not be LGBTQ+-friendly can result in threats of eviction, rent increases, harassment, and even physical or sexual violence. On top of this, rents in major cities where LGBTQ+ individuals may feel more accepted can be double the cost of other areas in the country.
Financial planning is crucial for LGBTQ+ individuals, and Kelly Ann Winget, the queer founder and CEO of a private equity firm, Alternative Wealth Partners, wants to change the way we think about our money. She also highlights the concept of "pink money," which refers to the purchasing power of the LGBTQ+ community, and encourages investing ethically whenever possible. Kelly stresses the importance of starting financial planning early, as LGBTQ+ individuals may face financial difficulties if they are cut off by their families after coming out.
Of course, not all LGBTQ+ individuals have the same financial situation. A gay, white-collar, DINK couple with well-paying jobs may be better off than a single person with a low wage, regardless of their sexuality. However, for trans individuals in particular, there are additional expenses that come with ensuring their outward appearance matches their true identity. Thea Bardot, a 32-year-old who recently underwent vaginoplasty surgery, explains that for trans individuals, the easiest way to alleviate gender dysphoria is through physical changes. This can be financially burdensome, as Thea estimates spending around £25,000 on costs related to her gender identity in the past few years.
Thea acknowledges her privilege as the CEO of a company and being able to afford certain things that may not be accessible to all trans individuals, such as private healthcare. However, she still faced financial challenges, including taking six weeks off work for her surgery and having to buy multiple new wardrobes to fit her changing body. Thea is now saving up for facial feminization surgery, but it may take some time as she has already spent a significant amount to affirm her identity.
The cost of transitioning physically can vary greatly depending on the specific surgery, the surgeon's expertise, and the location of the procedure. Dr. Omar Tillo, medical director and senior body plastic surgeon at a LGBTQ+-friendly clinic, Creo Clinic, provides some ballpark figures for different gender-affirming procedures. Vaginoplasty can cost between £15,000 and £25,000, while facial feminization surgery can cost between £20,000 and £40,000, depending on the number of procedures required.
Despite the financial challenges that come with living as an LGBTQ+ person, it is not a choice. Thea emphasizes that transitioning is necessary for LGBTQ+ individuals to be their true selves and should not be seen as a luxury. It's important for society to recognize and address these financial burdens and to support LGBTQ+ individuals in their journey towards self-actualization.
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