Financial Socialization from Chosen and Origin Families: Links to Resource Access and Quality of Life for LGBTQIA Adults

Abstract

Current literature has established that LGBTQ folks experience unique barriers to quality of life, and that support from both family of origin (FoO) and chosen family are associated with higher quality of life for LGBTQ folks. The unique relationships formed by LGBTQ persons (i.e., chosen families) can be a supplement to family of origin support, including financial support. Financial socialization and support (FSS) are highly associated with quality of life and reports of financial stability for adults in general. However, little is known about the relationship between financial health and quality of life of LGBTQ populations. This study investigated the relationships between financial socialization and support, sources of FSS, resources, and quality of life. Overall, this study aimed to assess how financial socialization and support related to quality of life in an LGBTQ-specific sample while centering the role of the unique support systems LGBTQ people create. LGBTQ adults with varying identities were recruited via Amazon MTurk (N=976). Results from multiple linear regression analysis reported that access to resources and source of financial support (family of origin, chosen family, and/or both) were significantly linked to scores of quality of life. Quality of financial socialization and support was linked to quality of life in this sample above and beyond all other variables. These findings suggest that the quality of financial socialization and support matters above and beyond source or number of sources of support. Implications for mental health and other support-centered practitioners include a more comprehensive understanding of financial health for LGBTQ persons specifically. These findings support other studies that found financial socialization and support to be instrumental in achieving financial and general quality of life.