Financial Abuse
The silent weapon of domestic violence.
“When we married I had some savings, my job, my savings, and some jewelry. The marriage is over and I’ve got nothing.”
Sound familiar?
Financial abuse is a form of coercive control, characterized by a pattern of behavior that involves controlling, threatening, and degrading the victim, limiting their freedom.
Financial abuse involves the misuse of money by the perpetrator to restrict and control their partner’s actions and freedom of choice. This can include unauthorized use of credit cards, forcing contractual obligations under the victim’s name, and gambling with family assets.
Myth: Men are heads of the household and are better at finances than women.
In Reality
“Lots of women have terrific money skills, and everyone has a right to learn about managing their finances. Women are great managers of household budgets and everyone has a right to know about money.”
Effects of Financial Abuse
The effects of financial abuse can be devastating, leaving victims without access to basic necessities like food and clothing, or control over their own bank accounts and income. Debts incurred by abusive partners may also be attached to their names, even after leaving the abusive situation. The abuse may continue even after the victim has left, with the perpetrator exerting control over child maintenance payments.
Effects
Impact of Financial Abuse
The short- and long-term impact of financial abuse can be terrifying for the survivors. In the short-term, access to assets is imperative to staying safe. Without assets, survivors are often unable to obtain safe and affordable housing or the funds to provide for themselves or their children. With realistic fears of homelessness, it is little wonder that survivors sometimes return to an abusive partner.
Impact
Sign of Financial Abuse
Financial abuse occurs in nearly all cases of domestic violence. It’s one of the main reasons survivors say they were unable to leave an abusive partner or had to return to one. Below are several ways an abuser may try to take control of their partner’s financial resources.
Accounts
Is your partner preventing you from accessing your individual or joint bank accounts?
Cards
Does your partner use your credit/debit cards without your knowledge?
Expenses
Does your partner limit or decide how you spend money?
Employment
Is your partner hindering you from working or going to school?
Impact of Financial Abuse
The impact of financial abuse on women’s lives is multifaceted and complex.
Physical Impact: health risks from stress and malnutrition.
Emotional Impact:
Feelings of anxiety, fear, guilt, helplessness, and diminished self-worth.
Survival strategies, such as hiding cash and non-perishable food, may be adopted by some women as they develop a persistent fear of not being able to meet their basic needs. This fear can also be accompanied by feelings of guilt for having to attend to their financial and material necessities.
Economic Impact:
The consequences of economic abuse include impoverishment, homelessness, accruing debt, a damaged credit history, and potentially even bankruptcy. The aftermath of financial abuse can persist long after a relationship has ended, hindering a victim’s recovery and independence.
Education and employment opportunities may be disrupted, leading to difficulties in finding or maintaining a job. An abuser may use family law and child support to continue exerting control and damaging a victim’s financial security and independence.
The effects of financial abuse can span a lifetime, with some victims facing homelessness, unemployment, and a lack of resources to rebuild their lives. It can cause them to remain in abusive relationships for longer, resulting in more harm.
The impact on credit and potential legal issues can further compound the devastating effects of economic/financial abuse.
How to protect yourself from financial abuse
Financial abusers are often too focused on their own interests to realize that you have taken steps to protect yourself, but if they do become aware, they may become more aggressive or display a darker side. Take these precautions to safeguard your finances:
- Secure your phone. Don’t allow anyone to read your texts/emails, check your search history, or have access to your apps.
- Keep your mail secure and open yourself. Financial abusers may pretend to be helpful by reading your mail to obtain your personal and financial information.
- Keep your checks, bank cards, and other payment methods in a secure location known only to you. If anything goes missing, inform your bank and the police immediately.
- Regularly review your bank statements in private. If you notice anything suspicious, contact your bank immediately.
- Never sign a blank check, co-sign a loan, or open a joint bank account with your financial abuser.
Why is it important to address financial abuse?
The manipulation of money and other economic resources is one of the most prominent forms of coercive control, depriving women of the material means needed for independence, resistance and escape.
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