His passion comes from his own experiences: A decade ago, Davis says he found himself nearing a financial catastrophe. Credit card bills were piling up, he was facing eviction, and he was at risk of losing his car. He was also in the process of transitioning, which can cost tens of thousands of dollars. “It felt like I was never going to be able to transition fully to live my truth,” says Davis, who is now 33.
Transgender people face many setbacks and hurdles, including financial ones.
In the U.S., the poverty rate for transgender people is 29.4%, nearly double the rate that cisgender straight adults experience, 15.7%, according to a 2019 study from the Williams Institute, a think tank based at the UCLA School of Law. Poverty rates are even higher for LGBT people of color. Other studies have found that transgender people are twice as likely to be unemployed as their cisgender counterparts, and four times as likely to have a household income below $10,000. For perspective, the federal poverty guideline for a one-person household was $12,880 in 2021.
If there was inclusion and pay equity for the millions of people who identify as transgender in the workforce, a recent article by McKinsey & Company estimated, it could generate $12 billion of spending power annually. “In finance, they have their own language, and they make it confusing on purpose to keep people out,” Davis says. “But once you’re able to decipher their language … things will not be out of reach.” Education can make a big difference.
Analysis
Transgender people are by far the part of the community that is afflicted the most by how society views finances and financial educations. The statistics in the bolded paragrapgh just barely scratch the surface. I feel as if focusing research on the transgender peoples of color, problems that affect the rest of the queer community will be solved as well. Also focusing on lesbians of color and other nuances from different members of the queer community. Historically transgender women of color led the fight against homophobia — not putting a focus on them is to exclude them.
