LGBTQ Job Security: Financial Preparations for an Uncertain Future
Amidst heightened uncertainty surrounding LGBTQ job security, financial preparation is crucial. Leading economist Paul Donovan advises those at risk to bolster their liquidity, establishing a financial cushion against potential job loss.
Donovan emphasizes the economic repercussions of discrimination, highlighting that prejudice restricts human capital and limits career opportunities. This, in turn, undermines productivity and hampers economic growth.
In the wake of concerns over rollback of LGBTQ protections under President-elect Donald Trump, many members of the community are confronted with not only civil rights issues but also financial worries. Donovan stresses the importance of "precautionary savings" for those who may face job insecurity due to their identity.
Despite laws prohibiting workplace discrimination in 24 US states and Washington, D.C., and the Supreme Court's ruling against employment discrimination based on sex, the potential reversal of Biden-era protections looms large. Donovan urges LGBTQ workers to maintain a buffer of liquid assets as a safeguard against job loss.
The "Living Not So Fabulously" podcast explores the financial challenges faced by the LGBTQ community and offers practical advice for navigating this uncertain landscape.