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What You Don’t Know about Queer Financial Wellness

What You Don’t Know about Queer Financial Wellness

What’s the current state of Queer financial wellness? How is it impacting your physical and mental health? Prudential’s Financial Wellness Advocate, Amanda Clayman, tells all.

This is a sponsored post written in partnership with Prudential. All opinions expressed in this post are based on our personal views.

Hear what Amanda has to say about Queer financial wellness:

Meet Amanda Clayman

Amanda Clayman is a leader in the field of financial therapy. She serves as a money coach in private practice and a financial wellness advocate for Prudential Financial. Amanda has much experience working with LGBTQ clients, having spent 10 years running the Financial Wellness Program for The Actors Fund. Amanda’s fiercely committed to helping people move beyond shame and frustration with money to find opportunities for personal growth on the journey to financial wellness.

Amanda joins us to discuss the impetus behind Prudential’s 2018 Financial Wellness Census and explore the findings specific to LGBTQ respondents. She shares advice about what we can do in our everyday lives to achieve financial wellness, discussing the risks associated with remaining in the closet financially. Listen in for Amanda’s insight on the five components of a financially healthy LGBTQ relationship and learn how the queer community can prioritize financial well-being and get empowered both individually and collectively!

Topics covered about LGBTQ financial wellness

The impetus behind Prudential’s Financial Wellness Census

  • Tailor products to research, analytics
  • Understand the experience of financial challenges

Why Prudential focused on the Queer community

  • Identify what makes financial life different
  • Rapidly shifting circumstances (i.e.: spousal benefits)

Amanda’s experience working with the queer community

  • Ran a financial wellness program at Actors Fund
  • Differences in terms of family structures, episodic work

The statistics that stood out to Amanda in the Prudential study

  • Only 27% of LGBTQ respondents w/ employer-sponsored retirement savings
  • Results in increased tax burden, inability to make the same progress

What we can do in our everyday lives to achieve financial wellness

  • Take stock of distress caused by the situation
  • Find a financial mentor in your community

The financial closet analogy

  • Hide inside to make outside look a certain way
  • Vulnerability required to live financial truth

What causes financial stress among LGBTQ couples

  • No ‘traditional roles’ when comes to money
  • Not enough self-knowledge, communication

The five components of a financially healthy relationship

  1. Equal
  2. Inclusive
  3. Transparent
  4. Sustainable
  5. Flexible

How the queer community can prioritize Queer financial wellness

  • Examine how legislation impacts life (e.g.: survivor benefits)
  • Think in terms of group identity, systemic barriers

The danger of staying in the financial closet

  • Keeps us individually + collectively disempowered
  • Prevents from getting support and recognition

Amanda’s advice around achieving financial wellness

  • Include finances as part of a story to tell
  • Receive info, then connect and engage

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