The Financial Struggles of Adult Entertainers: Banking Challenges and Mental Health Impacts
For adult entertainers, financial stability is often more challenging than it should be. Despite the legality of their work, many face significant barriers when trying to access basic financial services. Banks frequently deny accounts, freeze funds, or outright close accounts when they discover the source of income. This creates not only logistical challenges but also profound mental health effects, as financial uncertainty adds stress to an already stigmatized profession.
Today, my Skrill account got closed. What makes this extra annoying is now I have to navigate how my international clients can pay me. They waited for me to get paid, when I attempted to transfer the money to my account they said it was permanently closed. A few weeks ago my account was compromised, and they managed to get away with a couple hundred dollars. I luckily caught it before they got ALL of my money, contacted customer service and reported the fraudulent activity. I closed the card, so they couldn’t access my account but they continued trying over and over everyday. Skrill considered it “Suspicious Activity” and chose to end our business relationship. I did get about $75 back in a refund, but I suspect they closed my account to avoid paying me back the rest.
LESSON?
Move your money IMMEDIATELY. Don’t use those cards for purchases especially out in public where it can be scanned and reproduced.
In the midst of this VERY inconvenient situation, it reminded me of other times where my account was closed with no warning or notice and the inconveniences of not having a way to receive your earnings.
Why Banks Discriminate Against Adult Entertainers
The financial industry often justifies its discrimination against adult entertainers by citing “risk management” concerns, such as reputational risk or anti-money laundering regulations. However, these policies disproportionately harm those in the adult industry, regardless of whether they work legally and transparently. This systemic exclusion perpetuates financial insecurity and forces many to rely on less stable or predatory financial services.
The Mental Health Toll
Being denied access to one’s own money or facing constant financial hurdles can have serious mental health consequences, including:
- Anxiety and stress: Constantly worrying about financial stability and access to funds.
- Shame and stigma: Feeling unfairly judged or devalued because of one’s profession.
- Isolation: The fear of disclosing financial issues to others due to potential judgment or lack of understanding.
- Depression: Prolonged financial uncertainty can lead to feelings of hopelessness.
It’s critical to address these challenges not only through systemic change but also by equipping adult entertainers with tools for financial resilience.
10 Tips for Financial Management and Banking for Adult Entertainers
1. Research Banks Carefully
Look for banks or credit unions known for being inclusive and understanding of diverse professions. Online reviews and industry forums can be valuable resources.
2. Separate Business and Personal Accounts
Keep your professional income and personal finances separate. This not only simplifies tax preparation but can also provide a layer of protection if one account faces issues.
3. Consider Online-Only Banks
Many digital banks and fintech companies are more progressive in their policies. Ensure they’re FDIC-insured for security.
4. Build an Emergency Fund
Aim to save three to six months’ worth of expenses. This can provide a safety net in case of sudden account closures or freezes.
5. Diversify Income Streams
Explore ways to diversify your earnings, such as through affiliate marketing, merchandise, or educational content. Multiple income sources can reduce dependency on a single platform or payment processor.
6. Use Payment Processors Strategically
Rely on multiple payment processors to ensure redundancy. Research platforms that are adult-industry friendly, and avoid keeping large sums in one account.
7. Learn Basic Financial Literacy
Educate yourself on budgeting, investing, and tax planning. Free online courses and apps like Mint or YNAB can help you manage your money effectively.
8. Work with a Financial Advisor
Seek a financial advisor experienced with adult entertainers or freelancers. They can guide you on savings, investments, and long-term planning.
9. Advocate for Yourself
If a bank unfairly closes your account, challenge the decision. Escalate the issue within the bank and document all interactions.
10. Build a Support Network
Join industry groups or networks where you can share experiences and solutions. A strong community can offer emotional and practical support.
Conclusion
The financial hurdles faced by adult entertainers highlight a broader issue of systemic discrimination in banking. While the road to equity in financial services is long, it’s possible to navigate these challenges with strategic planning, community support, and persistent advocacy. Addressing financial literacy and creating safety nets can empower adult entertainers to achieve greater stability and peace of mind, even in the face of systemic obstacles.