TD Bank and TD Securities released a workplace and financial equality survey of more than 1,200 full and part-time lesbian, gay, bisexual, transgender, two-spirit, plus (LGBTQ2+) workers in the U.S. The survey found that only half of millennial LGBTQ2+ workers rate their current financial situation positively, with 60% of millennial respondents admitting to having less than three months of emergency savings and 71% of those with a bachelor’s degree struggling with student loan debt.
“At TD Bank, we are honored to sponsor the upcoming WorldPride events which celebrate the lives of our LGBTQ2+ community as we strive to always encourage inclusivity,” said Girish Ganesan, head of talent, TD Bank. “To demonstrate our commitment, TD Bank was the first bank to create a vice president for business development role with a specific duty to ensure that the financial needs of the more than 750,000 New Yorkers who identify as LGBTQ2+ are being met.”
LGBTQ2+ Workplace Equality Still an Uphill Battle
The recent passage of the Equality Act by the U.S. House of Representatives is a powerful step towards a future where millions of LGBTQ2+ Americans and their families no longer have to worry about being treated as less than equal in their places of work. However, discrimination is still a daily reality for many workers in the U.S.
Creating an LGBTQ2+ Inclusive Workplace
When it comes to creating an inclusive company culture for LGBTQ2+ workers, many employers must do more to keep up with the cultural shifts that are being driven by conversations around inclusivity, gender identity and diversity.
Millennial workers demand that employers have employment non-discrimination policies that assure a level playing field in the workplace. The TD survey found that LGBTQ2+ positivity is an important consideration for millennials when choosing an employer with almost two-thirds of workers looking at an employer’s reputation as an LGBTQ2+ inclusive organization before pursuing employment opportunities. Organizations that can foster a workplace culture where the LGBTQ2+ community feels supported and safe will be more competitive and will be better able to attract and retain the best talent.
LGBTQ2+ millennials are not confident when it comes to managing their finances and achieving financial stability. Only half of millennial LGBTQ2+ workers self-evaluate their financial situation positively, nine percent lower than that of LGBTQ2+ Generation X and Baby Boomer workers (59%). Student loan debt has forced millennial workers to put off significant life goals, most importantly building emergency savings (63%), saving for retirement (51%) and buying a house (46%).
“The freedom to be your fullest self that equality enables in each of us can empower success in every facet of our lives,” said Jonathan Lovitz, LGBTQ2+ youth and business advocate. “This survey shows us that it is important for organizations like TD Bank to take steps in understanding the obstacles that LGBTQ2+ communities face so we can better become advocates for cultivating inclusive environments in our workplaces, and throughout society.”
TD’s support of WorldPride 2019 aligns with the Bank’s launch of The Ready Commitment, a corporate citizenship platform designed to open doors for a more inclusive tomorrow through community giving in four areas – financial security, vibrant planet, connected communities and better health. TD Bank will have two floats in the New York City Pride March and will also be sponsoring the New York Public Library’s Stonewall 50 Exhibit, commemorating the Stonewall Riots that took place in 1969.
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