A new study from insurance provider Nationwide has found that 65% of LGBTQ+ Americans live paycheck to paycheck, compared to 57% of the general population. The survey also recorded lower levels of overall financial security and financial literacy among LGBTQ+ individuals across generations.

Here to break down the results of the survey is

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. Let’s take a look at some of the unique financial challenges LGBTQ+ Americans face.

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66% of LGBTQ+ Americans say they face unique financial challenges

Overall, the

flash poll

conducted by the Nationwide Retirement Institute® found that LGBTQ+ Americans are less likely to be on track with their financial goals, from retirement savings to building credit.

That’s because, as 66% of respondents agreed, LGBTQ+ Americans face challenges that others don’t when it comes to money. Those challenges include:

Negative impacts to career (noted by 37%) and workplace advancement (46%)

Higher healthcare costs (56%)

Barriers to starting a family (52%) and finding housing (47%)

Only 41% of LGBTQ+ Americans rated their personal financial situation as “good” or “excellent,” compared to 54% of the general population surveyed. In addition, 24% of LGBTQ+ respondents said their finances were “poor,” while only 17% of the general population fell into this category.

The upshot? Nearly two-thirds (65%) of LGBTQ+ respondents said they live paycheck to paycheck, and only 47% said they were prepared to absorb an unexpected expense of $1,000. And for Black LGBTQ+ Americans, financial difficulties are even more extreme, with 72% of the population living paycheck to paycheck.

Financial literacy is lower across all generations for LGBTQ+ Americans

Discrimination and material barriers to jobs, housing, and other sources of economic stability go a long way to explain the poor financial security of LGBTQ+ Americans. But low financial literacy may be another piece of the puzzle.

LGBTQ+ respondents were less likely than the general population to call themselves “somewhat informed” or “very informed” on the following key topics:

Monthly budgeting: 78% (LGBTQ+) vs. 82% (GP)

Building credit: 72% vs. 80%

Saving for large expenses (e.g. house, marriage): 68% vs. 73%

Retirement planning: 54% vs. 67%

Stock market: 54% vs. 53%

Estate planning: 37% vs. 49%

This might be a chicken-and-egg problem—because LGBTQ+ Americans struggle to reach financial stability, they have fewer chances to learn about financial topics. However, discrimination and a lack of representation in the financial services profession may also be to blame. When asked what would most benefit the LBGTQ+ community regarding personal finance, here’s what those surveyed said:

Improved benefits for unmarried partners (41%)

Increased representation in the financial services profession (34%)

Increased awareness of bias and discrimination among the financial services profession (34%)

Public policy to reduce discrimination in financial services (27%)

While big changes may be needed to bring about true equality,

Jerry

can offer LGBTQ+ Americans (and anyone else who needs car insurance!) one simple yet practical way to improve their financial stability: car insurance savings. In just 45 seconds, Jerry can analyze rates from over 55 top insurers to find affordable policies that fit every unique individual—and the average annual savings is over $800!

MORE: LGBTQ+ auto shop owners challenge status quo in the industry