What is Financial Abuse?
Financial abuse occurs when a partner, or somebody in a close relationship, limits access to financial assets as a way to be in a position of control and power. Financial abuse typically occurs over a period of time, which makes it a slow and debilitating form of abuse, and can make it more difficult for an individual to separate themselves from the person in power. Financial abuse can happen to anybody, and often takes place when there is an unequal balance of power such as when an individual is a victim of another form of abuse, or when an individual has a medical condition or learning disability.
Individuals may experience financial abuse as harmful actions against their own employment or finances. These can include situations such as:
- Preventing somebody from getting a job
- Purposely sabotaging an individual's work or employment opportunities
- False representation by using somebody elses bank accounts, cards, or documents
- Purposely damaging an individual's credit
- Putting an individual in a position where they as for money or are being given an allowance or a budget
- Not involving an individual to have access to the household finances or bank accounts
- Withholding funds from an individual so they cannot access basic needs like food, shelter, or medicine
- Limiting an individual's access to money
People may have experienced financial abuse in differenct ways with a various display of impacts including, but not limited to:
- Ruined credit scores
- Sporadic employment histories
- Debts
- Legal issues
The effects of financial abuse do not necessarily disappear when somebody has regained control of their finances, some long-lasting impacts of financial abuse can be, but are not limited to:
- The lack of ability to believe that the individual can manage their finances on their own
- Guilt aorund money
- The desire to rebel and spend money because it had been restricted in the past
- The urge to hide spending from future partners
Behaviours and Signs of Financial Abuse
Financial abuse may not always be straight forward - if you suspect that you or somebody you know may be a victim of financial abuse, the following behaviours and signs may be present:
There are various behaviours that may be present that can point towards financial abuse happening in a relationship. These behaviours may be behaviours that a partner has been showing, or behaviours that the individual experiencing the abuse may showing. Some of these beahaviours may include, but are not limited to the following:
- Having to ask for money for basic needs
- Bieng pressured to give money to others
- Being berated for small spending
- Working excessively to cover a partner's expenditures or lifestyle
- Being asked to share financial or identity information early in a relationship
- Being uninfornmed about password and login changes
- Having
- Unexplained money loss
- Lack of money to pay for essentials such as rent, bills, and food
- Inability to access or check bank accounts or bank balances
- Unusual or inappropriate purchases in bank statements