Extensive research into the personal finance experiences and challenges of the LGBTQ+ community reveals that while access to economic opportunities is strong, many consumers still struggle to reach their financial goals. was
San Mateo, California, July 11, 2023 /PRNewswire/ — In a future where ChatGPT and other forms of generative AI may become widespread in banking, many LGBTQ+ consumers believe they will be treated better by financial institutions, but credit card Far fewer believe it will be easier to approveOther financial instruments, according to a new study by achievea leader in digital personal finance.
A recent survey by Achieve found that LGBTQ+ consumers are skeptical that AI will improve their financial experience.
A study of 1,000 LGBTQ+ consumers by Achieve found that banks and other financial institutions are deploying advanced artificial intelligence like ChatGPT to interact with customers online, make credit decisions, and perform other tasks. was presented with a hypothetical scenario of running The findings are part of extensive research conducted by the Achieve Center for Consumer Insights to understand the personal finance experiences, expectations and challenges of the LGBTQ+ community.
“The most successful applications of AI in digital personal finance will leverage our deep understanding of how and why consumers fail to meet their goals, providing an empathetic, relationship-based and human touch.” We believe it’s about helping consumers get back on track by doing so,” he said. blood straw, Co-Founder and Co-CEO of Achieve. “Rather than replacing relationships, this approach leverages technology to enable relationships and improve equity and access to financial services.”
Employment and housing issues top economic concerns for LGBTQ+
Members of the LGBTQ+ community often face unique challenges in their financial and professional lives. From stigma and discrimination in the workplace and dealings with financial institutions, to the difficulty of finding affordable housing, these issues have far-reaching implications and impede progress for people to reach their financial goals. There is a possibility.
Nearly two-thirds of respondents said they were in financial difficulty, and 25% said it was difficult to live. 39% manage. 26% are doing well. 11% live comfortably. Similarly, 66% of respondents said that economic stress caused them severe or moderate stress, compared to 34% who said they experienced little or no economic stress. By comparison, 66% of respondents said they were experiencing financial stress.
LGBTQ+ consumers surveyed prioritize maintaining relationships with financial institutions that say they value companies that publicly support their communities and promote representation and inclusion. are doing. More than half of LGBTQ+ consumers said it was important to reward their efforts by recommending financial institutions with positive experiences to other members of the LGBTQ+ community.
“Eliminating discrimination and removing barriers to inclusion are important steps for LGBTQ+ individuals to feel respected and comfortable performing everyday tasks such as interacting with financial institutions.” Stated. Karin LamiaHe is Vice President of Strategic Initiatives at Achieve and Executive Sponsor of Achieve’s Pride Employee Resource Group.
LGBTQ+ consumers find their way to a better economic future
Only 35% of LGBTQ+ consumers say they are very or very satisfied with the current economic climate, and another 35% say they are either less or not at all satisfied. , and the remaining 30% say they are somewhat satisfied with the current economic situation. economic situation. However, we believe that most LGBTQ+ consumers have equal or greater access to financial opportunities and important milestones in their personal and professional lives.
Access to adequate financial institutions and health insurance are areas where the majority of respondents believe they have better access than the general population.
Access a PDF of this press release and accompanying charts here.
methodology
The data and findings presented are based on an Achieve study conducted in 2016. May 2023 Comprised of 1,000 US consumers 18+ who identify as members of the LGBTQ+ community.
About the Achieve Center for Consumer Insights
The Achieve Center for Consumer Insights is an ongoing effort to leverage Achieve’s team of digital personal finance experts to provide insight into the state of consumer finance. In addition to sharing insights gleaned from Achieve’s proprietary data and analytics, the Achieve Center for Consumer Insights will continue Achieve’s mission to help ordinary people pave the way to a better financial future. To help, we publish in-depth research, bespoke data, and thoughtful commentary.
About Achieve
achieve A leader in digital personal finance. Our solutions help everyday people stay on the road to a better financial future with innovative technology and personalized support. Leveraging proprietary data and analytics, our solutions are tailored to each stage of a consumer’s financial journey, including: personal loan, home equity loan and help with debt. In addition, Achieve also provides the following services: economic tips and educationincluding a free dedicated mobile app, MoLO (balance). Head office location San Mateo, CaliforniaAchieve has nearly 3,000 dedicated teammates nationwide, and the hub is California, Arizona, texas and florida. Achieve is frequently recognized as the best place to work.
Achieve and its affiliates include Bills.com, LLC, a subsidiary of Freedom Financial Network Funding, LLC, which is part of Achieve.com (NMLS ID #138464) Equal Housing Lender. Freedom Financial Asset Management, LLC d/b/a Achie Personal Loans (NMLS ID #227977); Freedom Solutions (NMLS ID #1248929); and Lendage, LLC d/b/a Achieve Loans (NMLS ID #1810501), Equal Housing Lender.
contact address
Erica Bigley
Vice President of Corporate Communications
[email protected]
415-710-9006
Austin Kilgore
Director of Corporate Communications
[email protected]
214-908-5097
source achievement
