The Intersection of Identity and Personal Finance

This qualitative constructivist grounded theory study examined how adult gay men ages 30 to 40 navigate financial literacy, wellness, and retirement planning within a heteronormative financial system. Despite growing social acceptance, LGBTQ+ individuals still face systemic discrimination that affects their financial literacy and well-being. The purpose of this research was to understand how being a gay man influences financial attitudes, behaviors, and access to resources, and to develop a theory explaining their adaptive financial resilience. Twenty participants shared personal stories revealing how early financial socialization, workplace identity management, and chosen family networks shape financial decision-making. The study developed the Intentional Financial Resilience (IFR) Model, which expands on Family Financial Socialization theory by emphasizing chosen family, community support, and self-directed learning as critical socialization agents. The model highlights essential mechanisms such as intentional partnering, DIY financial literacy, and adaptive planning under structural challenges that support long-term financial well-being. The concept of identity tax is introduced to describe the additional financial burdens faced by marginalized identities, including higher costs, missed opportunities, and emotional stress. Findings show that financial resilience among gay men is not accidental but intentionally cultivated in response to systemic inequalities. The study suggests that Family and Consumer Sciences (FCS) professionals have an important role in addressing these disparities by developing inclusive, culturally sensitive financial education programs that reflect diverse experiences. Future research should validate the IFR Model among other LGBTQ+ subgroups and explore how intersections of identity, age, and socioeconomic status influence financial equity and well-being.