Custom bilingual financial literacy materials will empower this often overlooked community
Leading information services company, Experian and True Colors United have announced a new partnership to support LGBTQ+ youth experiencing homelessness. The two organizations will collaborate to create financial literacy resources to help this “invisible” community overcome barriers to fair and equitable access to credit and financial tools.
“True Colors United is proud to partner with Experian to fill a gap that has long needed to be addressed,” said Gregory Lewis, True Colors United’s Executive Director and CEO. “LGBTQ+ youth experiencing homelessness are often shut out of traditional financial institutions, lack the necessary paperwork to open accounts, or face discrimination due to their race, sexual orientation, or gender identity when applying for housing, bank accounts, and loans. United, we will put tools and resources into the hands of these young people to help them achieve the financial literacy, inclusion, and stability they deserve.”
In the United States, LGBTQ+ youth are 120% more likely to experience homelessness than their straight and cisgender peers. Studies also show that LGBTQ+ youth experience homelessness for longer periods of time than non-LGBTQ youth. Many of these young people will delay or avoid getting the help they need out of fear of discrimination or violence. True Colors United’s training and education programs address and meet the needs of LGBTQ youth experiencing homelessness in order to ensure youth have access to inclusive and affirming services. Together, Experian and True Colors United will expand this portfolio of work into the realm of financial literacy – equipping young people and service providers with additional tools to move out of homelessness and into financial stability and success.
Materials will address topics including budgets, taxes, building credit and preventing fraud, and will be available in English and Spanish. They will be available on the True Colors United website and through its social media channels.
“This partnership is an opportunity to support unsheltered LGBTQ+ youth and bring this invisible community into the light. By working with True Colors, we are equipping displaced youth with resources that may help them find their way out of homelessness. Financial knowledge leads to financial power for all,” said Carol Urton, senior director of corporate responsibility and sustainability for Experian North America.
Experian is committed to financial inclusion and empowerment for all. Its commitment to the LGBTQ+ community globally includes supporting transgender and non-binary consumers with the name change process on their credit reports and its weekly Twitter #Creditchat addresses important financial topics such as Financial Tips for Same Sex Couples and the LGBTQ+ Community. The partnership with True Colors United is part of Experian’s United for Financial Health initiative, which aims to empower and protect consumers to improve their financial health through education and action.
About True Colors United
True Colors United was co-founded in 2008 by Cyndi Lauper. We implement innovative solutions to youth homelessness that focus on the unique experiences of LGBTQ young people. Through a broad array of training and education, youth action, technical assistance, and advocacy programs, True Colors United is creating a world where all young people can be their true selves.
Source: Experian Press Release