What is Financial Abuse?
Financial abuse refers to an abuser controlling and exploiting a person by restricting their access to their finances, leaving them dependent on the abuser. This can involve them controlling how the money is spent, building debt in the victim’s name with no intention of paying it off, fraud and theft. Financial abuse commonly occurs alongside other kinds of abuse, including coercive control, digital abuse, and disability-based abuse.
Signs of
Financial Abuse
Signs of financial abuse include sudden financial struggles or the inability to pay for things, including bills and social activities. Victims of this kind of abuse may exhibit anxiety and distress when discussing money, and they will often make up excuses to hide why they can no longer afford certain things. People around them may notice the abuser controlling the bank cards or having excessive interest and input in how the money is spent.
Who Can Experience Financial Abuse?
Anyone can experience this type of abuse; however, people who have been through a life event, those with disabilities, women and the elderly are at higher risk. It is important to be able to recognise the signs and know that help is available if you or someone you know is affected.
Breaking Free from Financial Abuse
If you suspect you or someone you know is a victim of financial abuse, support is available. There are legal protections and financial advisors and charities can help you regain control and confidence. Contact your local police, 101 or 999, depending on the severity. If you need mental health support, contact your GP to arrange counselling. The Available Services has a list of support services.
So what does financial abuse look like?
Not letting
you work
This is when the abuser guilts and manipulates the victim into either quitting their job or not applying for a job. This can appear as accusatory statements, such as accusing the victim of cheating every time they leave for work, or weaponised incompetence so that the victim feels they have no other choice but to stay home.
Not letting you have a bank account
This can look a couple of different ways; either simply not letting the victim have a bank account or having total control of the victims existing bank account. Either way, the abuser will achieve this through threats or manipulation and coercion.
Running up debt
in your name
Oftentimes, the victims will agree to things, such as a joint bank account, as they believe it will make things (like paying bills) easier. Once the joint account is set up, this is when the abuser will intentionally do things like go into the overdraft by hundreds of pounds. The abuser will often refuse to pay the debt. The victim may not even be aware of this until collection companies or the courts get involved.
Controlling how the money is spent
This is often achieved through manipulation and/or having control over the victims bank account. The abuser may often guilt the victim into buying something that they don't have the means for. The abuser may also threaten or coerce the victim into funding their addiction.
Refusing to
pay bills
This one is fairly clear; the abuser refuses to pay one or more of the bills. This could be a subscription, phone, utility or childcare bill or even the rent. These bills may be in the victims name and get them into large amounts of debt. Depending on the bill, this could also lead to debt collection companies and/or the courts being involved. In some cases, it can lead to repossessions or even eviction.
Withholding
money
This could look like the abuser not letting the victim have any money or giving them a very small allowance (this could be weekly, monthly or even less frequently). They may even dictate what the victim is able to spend it on.