Monday, June 17, 2024
CommunityFinance

This financial app for older LGBTQ adults really adds up

Two years ago, SAGE, the world’s largest and oldest organization dedicated to improving the lives of LGBTQ+ elders, launched SAGECents, an app designed to help LGBTQ+ elders expand their financial literacy.

With the lasting effects of a lifetime of discrimination, heightening rates of inflation, and the ongoing impact of the pandemic, SAGECents has been a crucial resource for this community in the last few years. Since its launch in 2020, SAGECents has registered over 1,200 users who now have access to helpful resources and tools personalized to their age, income, financial goals, and more.  

Many older LGBTQ+ people have experienced discrimination in employment, education, and housing during their lifetimes that has impacted their earning potential and retirement savings.  Many do not believe they will be financially stable enough to stop working beyond retirement age. In fact, 51% of LGBTQ+ older people are very or extremely concerned about having enough money to live on, as compared to 36% of non-LGBTQ+ older people.   

However, with the help of SAGECents, these circumstances are beginning to improve. To date, more than half of SAGECents users have reduced their debt by at least $200 and forty-two percent have improved their credits scores by 25 points.  

In honor of the two-year anniversary, SAGECents is adding a new feature – the Financial Health Playbook. Users who complete the initial financial health assessment receive a Financial Health Playbook, a personalized financial wellness plan with step-by-step guidance designed to help reach unique financial goals. 

“In this past year, even though my income decreased slightly, I have been able to stay on track in paying my bills on time and even putting a dent in my debt,” said one SAGECents user. “Thanks to SAGECents, I’ve learned a lot and now feel that I am on firm footing with my finances.” 

SAGECents is a free platform – sign up at sageusa.org/sagecents.  

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This article was first published on SAGE Matters. SAGE is the USA's largest and oldest organization dedicated to improving the lives of lesbian, gay, bisexual, and transgender (LGBT) older adults. For more info visit www.sageusa.org

SAGE Matters has 26 posts and counting. See all posts by SAGE Matters

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