Not all domestic abuse is physical, it takes many forms, one of which is financial abuse. It’s often subtle, and you might not even be aware it’s happening. However, if you suspect that you are a victim of financial foul play, here are some of the warning signs of financial abuse.
Financial abuse can happen to anyone, at any time. It doesn’t matter whether you have been married for years or just started a new relationship. During coronavirus lockdowns, there was a significant rise in reports of domestic violence, with a high number of cases also involving financial abuse.
A list of red flags may seem obvious. However, for many facing financial abuse, the abuser is often very tactful in the way they go about exploiting their victims. It’s a fine line between feeling like someone is taking care of you and someone who has taken complete control over a person’s finances and their life.
Three warning signs of financial abuse
1. The abuser ‘looks after’ the finances
Arguably the biggest warning sign of financial abuse is when one partner in a marriage or relationship ‘takes control of the finances’ and denies the other partner access to bank accounts or other funds.
One of the most common forms of financial abuse is stripping away economic self-sufficiency. For example, having the income necessary to meet basic needs. This is often done under the guise of the abuser ‘taking care of the finances’, but leaving the victim in the dark about what’s happening with their money.
According to the National Network to End Domestic Violence (NNEDV), after an abuser takes control of the finances, they may give the victim an ‘allowance’ but lessen it over time.
2. Sabotaging employment
To stop a victim from having access to any money, the abuser may prohibit the victim from working or sabotage their current employment. This can include harassing the victim at their place of work or physically abusing them before important meetings.
Under these circumstances, the victim often feels they have no alternative but to quit their job. This leaves the victim in a vulnerable financial position and totally reliant on their abuser for money.
Meanwhile, an abuser could also forbid a victim from looking for a job or attending interviews.
3. Economic exploitation
The most severe aspect of financial abuse is economic exploitation, when an abuser will intentionally aim to destroy the victim’s financial resources or credit. Abusers will often open a line of credit in the victim’s name without permission and then refuse to pay bills under the victim’s name or gamble away money that has been earned jointly.
The victim will often have no access to any accounts, so they are completely unaware of what’s happening until huge debts have been racked up. The abuser’s behaviour will often leave the victim’s credit score in ruins, making it difficult to get approved for financial products such as a mortgage or even a mobile phone contract.
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