Treasurer Steiner Celebrates Pride Month and Calls for Steps to Break Down Barriers to LGBTQ+ Financial Wellness

Oregon State Treasurer Elizabeth Steiner, MD, recognized Pride Month and highlighted important financial wellness resources for the LGBTQ+ community. Treasurer Steiner also called for greater public and private efforts to break down barriers to financial wellness that the LGBTQ+ community disproportionately faces. Treasurer Steiner is the first LGBTQ+ state treasurer elected in Oregon.

Treasurer Steiner said:

“I want to wish everyone a happy Pride Month and urge public officials and business leaders to bring down the financial barriers people who identify as LGBTQ+ often face. It can be hard to make ends meet and get ahead financially. Research shows it’s even more difficult for members of the LGBTQ+ community who tend to earn less on average and experience higher poverty rates than others. Financial wellbeing is tied directly to everyone’s quality of life and that holds true no matter who you are, where you live, and who you love.

We know that our gay, lesbian, bisexual, transgender and queer friends and neighbors across Oregon often face higher hurdles to financial health. During Pride Month and every day, we support every Oregonian in their pursuit of equity, equality and economic security.”

Kyndall Mason, executive director for Basic Rights Oregon, said: “LGBTQ2SIA+ Oregonians face many financial barriers: Higher school dropout rates, housing and employment discrimination, high medical care costs, and more. At Basic Rights Oregon, we hear every day from the community that these costs take a toll on their physical and emotional well-being. We’re dedicated to working with leaders like Treasurer Steiner to build a more stable and thriving future for all Oregonians, including trans and queer folks.”

Treasurer Steiner highlighted several ways the State and Treasury are advancing LGBTQ+ financial wellbeing, and said helping all Oregonians to thrive is a sound business practice.
“Protecting access to health care (including gender-affirming care), supporting inclusive workplaces, improving access to financial services, and ensuring LGBTQ+ voices are represented in leadership roles and board rooms are just some steps elected officials and business executives can take to advance the financial well-being of the community and improve long-term business performance.”

As part of the mission to financially empower every Oregonian, Treasurer Steiner is the chair of the Oregon Financial Empowerment Advisory Team, a public-private partnership of financial education leaders across the state. Through this partnership, the Oregon State Treasury (OST) offers a free, open-to-everyone financial resource guide and clearinghouse through Oregon’s 211info network. The 211info Financial Wellness guide and hotline includes a pathway to LGBTQ+ financial education resources offered by the nonprofit Human Rights Campaign, among them the young adult-focused “Worth It” program. In addition to encouraging accessible and culturally specific financial education and programs, Treasury connects Oregonians to important savings programs for retirement, education, and disability-connected costs.

Oregon has the nation’s highest percentage of adults who report being gay, lesbian, bisexual or transgender, at 7.8% of the population or roughly 253,300 people, according to December 2023 findings from the Williams Institute at the UCLA School of Law. The institute is a think tank and research center dedicated to independent research on sexual orientation and gender identity law and public policy.

According to Williams Institute statistics, LGBTQ adults are about twice as likely to rely on Medicaid as their primary source of health insurance. More LGBTQ adults lived in poverty than the national average in 2023, and also earned less on average, As such, they stand to be disproportionately impacted if proposed healthcare cuts by the Trump Administration and Congressional Republicans become law.

In the 2024 Financial Health and Wellness in the LGBTQ+ Community Study from the Human Rights Campaign, roughly half (48.1%) of LGBTQ+ adults surveyed nationally said they are financially unwell, compared to one-quarter (25.7%) of the general public. In addition, 30.8% of LGBTQ+ adults reported experiencing discrimination while accessing financial services.
Treasury remains committed to advancing equitable access to financial resources and education, ensuring that the LGBTQ+ community in Oregon has the opportunity to build financial wellness and security.