Building Financial Resilience for Trans Individuals

For many decades, the focus of the LBGTQ+ rights movement has primarily centered around gay rights and marriage equality. However, the recent increase in anti-trans legislation makes it abundantly clear that we need to focus on fighting for trans rights. In addition to an increasingly hostile environment, trans people also face long-standing economic challenges that prevent them from achieving financial security and prosperity. 

This is why we at Thinking Big created a financial program to support the Trans community. Our new program, “Building Financial Resilience for Trans Folks,” will help trans people create a financial foundation to protect them financially, build off what they have, and provide the tools they need for a strong financial future. Read more about our program here.

The Financial Struggles of Trans Individuals

Being transgender in the United States often means facing additional hardships when it comes to building wealth and achieving financial security. Trans people may face higher hurdles from family such as lacking financial support early on in life, employment, and income discrimination,  and additional considerations regarding their safety that cost more (like needing to live in an urban area that’s more accepting).  In addition, the discrimination trans people face will often lead to lower incomes and increased expenses related to housing, healthcare, and education, and a lack of job opportunities. Trans individuals often encounter higher costs in healthcare that are associated with their gender identity. They may experience financial strain because of life-saving gender-affirming care, including medical treatments and procedures, which can pose additional significant costs over their lifetimes.

The cumulative financial effect of these hardships make financial education and wellness vital for trans folks. Part of the goal of our program is to help trans folks plan for these costs over time, creating a savings plan or specific accounts of money to make sure they are accounted for. But the intention of the program goes beyond the mechanics of designing a financial plan. In making a plan, participants will get “unstuck” and be able to more fully understand their own unique financial situation. They’ll be able to think more expansively about their life outside of just surviving. This is a small way of helping trans folks be on equal footing with the rest of society. 

Building Financial Resilience and Empowerment 

By acknowledging, addressing, and solving for the financial disparities faced by trans individuals, we can contribute to a more inclusive society. Our program focuses on providing trans individuals with the resources and education necessary to enhance their financial skillset, develop effective budgeting and saving strategies, and access appropriate planning. Trans people are already incredibly resilient. By arming trans folks with these tools, we hope to build upon that resiliency and use it to help trans folks navigate financial hurdles with confidence and independence.

If you or someone you know would be interested in participating, please apply here. Applications will be open until June 30, 2023.