November 20th is Transgender Day of Remembrance, which is honored annually in memory of transgender individuals whose lives have been lost to anti-transgender bias.
Transgender folks remain one of the most vulnerable groups in our society with the ongoing anti-transgender rhetoric affecting both the safety and financial security of transgender folks.
In this blog post, we will be discussing the challenges that transgender folks face in finding safety and financial security and providing a few ways that you might be able to find or provide some support.
The Threat to Safety
There has been a rise in anti-transgender rhetoric, which has led to increased attacks against the transgender community as transgender folks have been disproportionately targeted by hate-fueled violence:
- The Williams Institute reports that transgender people are four times more likely to experience
violent victimization.
- According to GLAAD, incidents against trans people increased by 14%
from May 2024-2025 compared to the year prior.
- Intersectionality amplifies this risk – the HRC reports that 84% of trans- and gender-expansive
victims of fatal violence were people of color and 61% were Black trans women.
Legislation and public discourse likely have a substantial impact on the prevalence of this violence. The ACLU is currently tracking 616
anti-LGBTQIA+ bills in the U.S. with a vast majority of those bills specifically targeting transgender rights, including restricting access to healthcare, sports, and bathrooms.
This is just a snapshot of the threat to safety that transgender people often experience, as incidents against many underrepresented folks are historically underreported. Not only is this safety a concern in itself, but it
is also intertwined with financial security and wellness for trans people.
The Challenge of Financial Security
At Self-Help, we believe in ownership and economic opportunity for all, and it’s important to understand that safety and financial security are intrinsically linked. Because of the lack of safety they experience, many
transgender folks also experience significant financial hardship and vice versa.
- 34% of transgender people surveyed were experiencing poverty
- 30% had been homeless at least once in their lives
- 18% were unemployed (which was 4x the national rate at the time of survey)
CNN Business attributed these statistics to a couple of likely reasons:
- Transgender folks are more likely to experience job discrimination, with the survey showing that 11% of respondents saying they had been fired, forced to resign or been laid off because of their gender identity or expression.
- Even without a complete loss of income, there are many accounts of transgender or nonbinary people missing out on opportunities for advancement or being kept in more “behind-the-scenes" roles due
to bias or a concern over public perception or safety.
- Transgender people are also more likely to be cut off from family support. Economists say that families play a crucial role in a person’s financial health, even just in providing shelter in adolescence or early adulthood.
Transgender people who had been kicked out of their homes are more likely to be in an unstable economic position.
- Many parents also help pay for higher education. Without this support, trans people could be stuck with huge loan payments or may not be able to obtain a degree at all, also impacting their ability to land higher-paying jobs.
All of this doesn’t even take into account the extra costs that come with being a transgender individual. There is no one way to be trans and many people will have different ways they transition,
but for many people, hormonal treatments and surgery are important parts of their gender alignment. These options can cost a significant amount of money, but going without them can be detrimental to mental health and can impact safety,
security, and societal contribution, which can all impact financial wellbeing. This leaves many trans people in a struggle of both impaired access to financial opportunities and increased costs of living.
While financial security may not guarantee your safety or wellness, it does provide access to resources, support, and opportunities, including safer environments, which is why financial security is such a concern for transgender
folks.
What You Can Do
While so many of the issues with transgender safety and financial security are larger systemic issues that require altered rhetoric and more protective policies, there are some things we can each do as individuals to improve the financial
security of trans folks.
Whether you’re a transgender person looking to improve your financial situation or an ally who believes in our mission and wants to find a way to make sure that everyone has
access to economic opportunities like we do, we’ve included some options for you to take action below.
For transgender folks interested in improving your financial situation:
- Financial coaching: Talk to a trusted financial coach. Some financial
institutions like Self-Help offer free financial coaching to members. Whether you’re saving up for an important surgery, figuring out how to manage a budget that includes expensive hormones, or just need extra support to improve
your financial circumstances, a financial coach can help you come up with a plan to help you achieve your goals.
- Responsible loans: When finances are tight, loans can be a necessity in helping pay for whatever large purchases may come up. However, predatory lenders with high interest rates and sneaky terms can make your financial situation way worse.
Seek out responsible and affordable loans from a community development financial institution (CDFI) and/or credit
union, which are intended to provide community support, often through responsible loans.
- High interest accounts: Make sure whatever savings you have is working for you. If you haven’t already done so, put your funds into a high-interest account like a money market account or term certificate so
that your money is growing while it sits in your bank. If you open an account with a CDFI, you’ll have the added benefit of knowing that your funds are being used to support community development initiatives that support
underserved populations.
For people who want to help, consider donating your time or money to:
- A grant or fund that helps cover the costs of people’s transitions, including surgeries and other medical expenses, name changes and legal documents, and/or living expenses. There is a helpful list to get started in the “transition-specific”
section here.
- A mutual aid fund. Here is a list of a few options to consider.
- Your local LGBTQIA+ community support organization. So many local organizations big and small are doing incredible work to support the trans and queer folks in your community. If you don’t have extra funds to donate, this is a good option as
they are often more likely to need volunteers as well.
When we say that we believe in ownership and economic opportunity for all, we mean all. Thank you for taking the time to reflect on and honor Transgender Day of Remembrance with us.