What is Financial Abuse?
Financial abuse is a form of coercion where an individual controls, exploits, or restricts another person’s financial resources, often leaving them dependent and vulnerable. It can involve theft, fraud, manipulation, or restricting access to money, employment, or assets. Financial abuse frequently occurs alongside other forms of abuse and can affect anyone, from intimate partners to elderly individuals or those with disabilities.
Signs of Financial Abuse
Financial abuse can be subtle or overt. Warning signs include unexplained withdrawals, sudden financial struggles, being pressured into financial decisions, or losing control over personal accounts. If someone is dictating how you spend your money or preventing access to financial resources, it may be financial abuse.
Who Can Experience Financial Abuse?
Financial abuse can happen to anyone, but vulnerable groups—such as the elderly, individuals with disabilities, or those in abusive relationships—are often at higher risk. It’s important to recognize the signs and seek support if you or someone you know is affected.
Breaking Free from Financial Abuse
If you suspect financial abuse, know that help is available. Support organizations, legal protections, and financial advisors can assist in reclaiming control. No one should feel powerless over their own financial well-being.
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.
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.
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.
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.
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.
Running up debt on joint accounts or 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.