Financial abuse occurs in 99% of abusive relationships with one in 5 women and one in 7 men suffering some form of financial abuse typically at the hands of their partner. Research has found 1 in 6 people would not know the signs to look out for to know if they were being financially abused therefore we have provided the most common signs to look out for if you suspect you are in a financially abusive relationship.
What is financial abuse?
Financial abuse is a form of coercive control in domestic abuse. It is a pattern of controlling behaviour a partner uses to restrict, control and use you financially which limits and damages your finances. You become financially dependent on your partner which often means that you feel trapped in the relationship.
Financial abuse is also known as ‘economic abuse‘. Economic abuse is financial abuse however it is when a partner takes the control further by limiting or preventing you having any access to housing, transportation, food and employment. This completely deprives you and restricts you of all freedom, you become totally reliant and financially dependent on your partner.
This type of abuse completely diminishes a person’s self-worth; in such a relationship the abuse is so damaging to a person over time that they begin believing they are incapable of doing anything independently without their partner. They can become so accustomed to having no control over any decisions being made by themselves that the thought of leaving their partner can frighten them into believing they can not survive without them, this can make it exceptionally difficult to leave their partner.
The impact of financial abuse
The impact of financial abuse is extremely damaging to an individual not only financially but emotionally; abusive partners tactically use and manipulate their partner’s emotions (emotional abuse) to gain further control resulting in the person feeling worthless, guilty, insecure and feeling negative about themselves.
In abusive relationships the abusers manipulate their partners emotions to exert further damage and control over them for instance; telling their partner they are not capable of doing anything for themselves. When this emotional abuse is repeated consistently over a period of time it has a significant psychological impact often resulting in their partner believing/agreeing with their abuser that they are incapable of being independent causing them to be hurt and confused, the effects of emotional abuse can make it harder for them to leave.
Financially the impact can be identified in bad credit history, an overwhelming amount of debt, difficulty in obtaining employment, not being eligible for loans or housing.
Tactics used in financial abuse
Tactics are used intentionally by restricting or totally eradicating the survivors accessibility to any or all financial resources. The abusers main purpose is to prevent their partner having access to any money and more importantly making their partner completely dependent on them to gain power and control.
Financial abuse tactics fall into 3 forms:
Financial control of assets and resource. This eliminates any opportunity for their partner to have their own financial freedom.
Sabotaging your means to employment or any opportunities that provide you with a source of income. This tactic is to intentionally prevent their partner having any opportunity for making their own personal income or to have any financial independence. This means they are less likely to leave the relationship as they will have no money to support themselves independently without their abusive partner.
Exploiting and damaging your resources for their own personal gain. This involves your partner spending or having full access to all of your bank/savings accounts in order to benefit their own financial situation.
Signs of financial abuse
Financial control of assets and resources:
- Asking you to prove where you are spending money and what on
- Telling you how to spend your money
- Taking control of your bank accounts
- You have to ask for permission to spend money
- Controlling any sources of income you receive from your place of work
Sabotaging your means to employment or any opportunities that provide a source of income:
- Pressurising you to leave your job
- Criticising your job/colleagues/classmates
- Undermines you and your abilities
- Constantly calling you/harassing you whilst you are at work
- Intentionally making you late for work
- Telling you they will support you if you leave work then failing to do so
Exploiting and damaging your resources for their own personal gain:
- Ruining your credit history
- Expecting you to pay for everything
- Spending your money without your consent
- Spending on your credit cards without permission
How to get help
- Speak to your bank and credit card company
- Talk to your trusted loved ones. This will give you that emotional support you need at such a difficult time.
- Seek legal advice with a domestic abuse solicitor here at Birkett and Co that will also give you the supportive yet legal advice you need to stop financial abuse.
Contact us
If you are concerned or and suspect you are being financially abused contact us today for our 30-minute initial consultation to help you get the supportive advice you need.