Financial stability is a concern for many older Americans, and challenges can be greater among marginalized groups such as elders in the LGBTQ+ community. But a free financial literacy app called SAGECents is looking to change that.
LGBTQ+ Americans are less likely to feel confident about having enough for a comfortable retirement, according to a 2022 survey from the Employee Benefit Research Institute. [..] [..] “They’ve faced a lifetime of discrimination and social stigma,” said Christina DaCosta, chief experience officer at SAGE, a national organization dedicated to improving the lives of older LGBTQ+ people. “So they’re at higher risk to face poverty, homelessness and poor health outcomes than their peers.”
Launched in 2020, SAGECents is a partnership between LifeCents, a financial wellness platform, and SAGE, with financial support from the Wells Fargo Foundation.
The app was developed based on survey feedback from the SAGE community, according to DaCosta. “We know that this is a population in need of support, especially financially,” she said. [..]
Click here to read the full piece. This story was originally published in CNBC Your Money on April 26, 2023.