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The truth about financial abuse, how to spot the signs

by | Feb 17, 2023 | Personal Finance

Financial abuse is a form of domestic abuse in which one partner uses money and financial resources to control and exploit the other partner. This can include withholding money, controlling access to bank accounts, and preventing the victim from working or earning money. Financial abuse can have serious consequences for the victim, including poverty and financial insecurity. It is important for victims of financial abuse to seek help from a trusted friend, family member, or professional in order to regain control of their finances and escape the abuse.

It is important to note that financial abuse is often a part of a larger pattern of abuse and controlling behaviour, and not always easy to spot. If you suspect that you or someone you know is a victim of financial abuse, it is important to seek help from a trusted friend, family member, or professional. There are several signs that may indicate that someone is a victim of financial abuse. Some of these signs include:

 

Limited access to money:

The abuser may control all the finances and may not allow the victim to have their own money or access to bank accounts.

 

Forced to account for every penny spent:

The abuser may demand that the victim account for every penny they spend and may get angry or punish the victim if they do not comply.

 

Forced to work:

The abuser may prevent the victim from working or limit their ability to earn money, making them financially dependent on the abuser.

 

Isolation:

The abuser may prevent the victim from seeing friends and family, which limits their support system and makes them more dependent on the abuser.

 

Unexpected financial problems:

The victim may suddenly find themselves in financial trouble, such as having bills go unpaid or being evicted from their home, due to the abuser’s actions.

 

Being unaware of their own financial situation:

The abuser may be handling all the finances and the victim may not be aware of their own financial situation.

Financial abuse is a prevalent form of domestic abuse, and it is estimated that it affects millions of people around the world. According to the National Network to End Domestic Violence (NNEDV), 99% of domestic violence victims report that they have experienced some form of financial abuse. Studies also found that financial abuse was a factor in 99% of domestic violence cases, and that it was the primary reason that victims stayed in or returned to abusive relationships. Moreover, financial abuse can affect anyone, regardless of their income level, education, or social status. It can happen in all types of relationships, including married couples, cohabiting couples, dating couples, and same-sex couples.

Finally, financial abuse can have serious and long-lasting consequences for victims, including poverty, financial insecurity, and difficulty rebuilding their lives after leaving the abusive relationship. It’s also important to note that financial abuse is often a part of a larger pattern of abuse and controlling behavior, and not always easy to spot.

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