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.