TD Bank (No. 19 on the DiversityInc Top 50 Companies list) released a survey on Tuesday that found that only half of U.S. millennial LGBTQ2+ workers rate their current financial situation positively, with 60 percent of millennial respondents admitting to having less than three months of emergency savings and 71 percent of those with a bachelor’s degree struggling with student loan debt.
Despite the current administration’s claims of a strong economy for everybody, LGBTQ2+ employees face negative impacts to their financial status because of discrimination at work.
According to TD Bank’s survey, over one-fifth, 22 percent, of millennial workers feel that being out about their sexual orientation to more senior staff will hurt their career advancement and while millennial workers are equally likely as older generations to be out in the workplace, less than one-third, 33 percent, of millennial workers see senior management members who are out as LGBTQ2+ community members.
Student loan debt has also hit the millennial generation hard. Approximately 63 percent of Millennials have to put off building emergency savings, 51 percent aren’t saving for retirement and 46 percent are holding off on buying a house.
If American companies want to continue to attract top talent, they have to become more inclusive in the workplace. The survey found that LGBTQ2+ talent take diversity and inclusion seriously.
The survey found that LGBTQ2+ positivity is an important consideration for millennials when choosing an employer. Almost two-thirds of workers look at an employer’s reputation as an LGBTQ2+ inclusive organization before applying there or considering a job offer.
TD Bank has long been a supporter of LGBTQ+ rights. They are a platinum level sponsor of WorldPride 2019, a series of events that will mark the 50th anniversary of the Stonewall Uprising, culminating in the Pride March in New York City on June 30.
“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,” Girish Ganesan, Head of Talent at TD Bank, said in a statement. “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.”