In collaboration with Bank of Ireland (BOI), Outhouse will offer a series of Financial Wellbeing workshops at its Dublin centre in September 2024. According to a recent survey commissioned by BOI, when it comes to financial resilience, less than half of LGBTQ+ people feel confident about their financial situations looking ahead over the next 12 months.

The survey conducted by Red C aimed to better understand what kinds of financial supports are lacking in the LGBTQ+ community.

Only 12% of survey respondents self-identified as LGBTQ+ and while the small sample size and different age profiles likely account for some of the difference, the survey showed that LGBTQ+ people generally have less confidence in managing their finances compared to other survey participants: 44% of LGBTQ+ respondents said they “feel confident about financial situation in next 12 months” compared to 48% for heterosexual respondents; 59% of LGBTQ+ respondents said they were “confident that they would have the funds to cover an unexpected day-to-day expense” such as a car repair or household item replacement compared to 62% for heterosexual respondents; and 25% of LGBTQ+ respondents said they would be able to raise more than €3,000 funds in a month to cover an unexpected bill compared to 29% of heterosexual respondents.

Additionally, if they needed cash, LGBTQ+ respondents said they were more likely to source funds from a credit card (23% vs 17%), bank loan (22% vs 17%) or selling belongings, compared to heterosexual respondents (25% vs 20%). However, roughly 39% of LGBTQ+ respondents identified a loan from family or friends as a potential source of funds in addition to a savings account, compared to only 29% of heterosexual respondents.

The survey also showed that LGBTQ+ respondents were more likely to be single (46% vs 28%) and more likely to live in private rental accommodation (25% vs 16%), and survey reviewers noted that these factors “could result in a lower disposable income and a greater challenge reaching a mortgage deposit.”

Outhouse LGBTQ+ Centre CEO Oisín O’Reilly noted that LGBTQ+ individuals disproportionately face financial challenges which significantly impact their wellbeing. He said: “Overrepresentation in the high cost rental market, combined with lower disposable incomes, creates significant barriers to financial stability and overall well-being for LGBTQ+ people in Ireland.”

O’Reilly added: “Research from the EU Agency for Fundamental Rights found that two out of five Irish LGBTQ+ people struggle to make ends meet, with this figure rising to half of Trans and Intersex people. Additionally, one-third of LGBTQ+ people experience housing difficulties, exacerbating financial instability and health inequalities.”

BOI similarly acknowledged that different demographics face different challenges when it comes to financial wellbeing. In response to this data, it plans to offer a series of Financial Wellbeing workshops at Outhouse LGBTQ+ Centre beginning in September 2024.

Prior to these workshops, Outhouse will provide training to BOI’s Financial Wellbeing team that will include a comprehensive understanding of the LGBTQ+ community, the issues we face, and the impact of advancing awareness.

Áine McCleary, Chief Customer Officer, Bank of Ireland said: “Ensuring our products and services are inclusive and accessible to all our customers is central to building the financial wellbeing of the population.”

McCleary added: “We are delighted to partner with Outhouse for this reciprocal training, where our financial wellbeing team will first be trained by the Outhouse team, and then host a series of workshops on financial wellbeing.”

Together, they hope the initiative will provide LGBTQ+ patrons with “the financial knowledge and support needed to navigate their financial lives effectively and improve their overall wellbeing.”

 

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For more information on Bank of Ireland’s financial wellbeing resources, check out their Financial Wellbeing content.