How to Identifying Financial Abuse in a Relationship
When most people think of domestic abuse, the first thing that comes to mind is likely verbal abuse and physical assault. Abuse is more than just physical violence. Research shows that other forms of abuse—including financial abuse—occur just as frequently in unhealthy relationships.
Older research has suggested that 99% of domestic violence cases also involved financial abuse. However, estimates about the prevalence of economic abuse vary. Some studies indicate that the prevalence rates in the U.S. range from 52% to 98%.
Financial abuse is often the first sign of dating violence and domestic abuse. That's why identifying financial abuse is critical to your safety and security. It is characterized by attempts to control, use, or manage your financial resources. The abuser may take your money, control your ability to earn money, or create debt in your name, among other things. Keep reading to learn more about financial abuse, key signs to watch for, and how to get help.
Financial abuse involves controlling a victim's ability to acquire, use, and maintain financial resources. Those who are victimized financially may be prevented from working, or the abuser may attempt to control how they use the money they earn.
While less commonly understood than other forms of abuse, financial abuse is one of the most powerful methods of keeping a victim trapped in an abusive relationship.
Research shows that victims often are too concerned about their ability to provide financially for themselves and their children to end the relationship. Financial insecurity is also one of the top reasons women return to an abusive partner.
Men can be victims of abuse as well. Because financial abuse is recognized as a form of domestic violence, 1 in 7 men (18 years and older) will experience a form of domestic violence.
Like other forms of intimate partner violence, the goal of financial abuse is to gain power and control in a relationship.
How to Spot the Signs of Financial Abuse
Overall, financial abuse is very isolating because victims often become financially dependent on their abusers. This financial dependence traps them in the relationship. Without resources, they are unable to see a way out of their situation.
If you're in a relationship, it's extremely important that you can identify financial abuse before it escalates and you're stripped of your credit history and employment opportunities.
Below is an overview of the way financial abuse is perpetrated. Some abusers may use all of these tactics while others may only use one or two. Regardless of whether the abusive person is using one tactic or 10, it's still considered financial abuse. Here are some ways in which people are abused financially.
Exploiting Your Resources
When a dating partner or spouse uses or controls the money you have earned or saved, they are exploiting your resources.
Here are some examples of this exploitation:
Controlling or spending your money: This may involve trying to control your use of or access to money you have earned or saved. They may also use your assets for their personal benefit without asking, including taking money or using credit cards without permission.
Ruining your credit history: They might do this by running up limits and then not paying bills or claiming to make payments or pay bills in your name but not following through.
Feeling entitled to your money or assets: They might demand that you turn over your paycheck, passwords, and credit cards. They might also expect you to pay for their bills or their obligations or require you to bail them out of difficult financial situations
Interfering with your finances: This can involve using offers to help with your budget or financial decisions as a cover for gaining control over your finances. They might confiscate your paycheck or other sources of income, intercept or open your bank statements and other financial records, or threaten to lie to officials and claim you are "cheating or misusing benefits."
Financial abuse can take many forms. People may have their own money restricted or stolen by the abuser. Rarely do they have complete access to money and other resources. When they do have money, they often have to account for every penny they spend.
Devastating Effects of Financial Abuse
The effects of financial abuse are often devastating. It's important to remember that financial abuse is often accompanied by emotional abuse. This can also undermine a person's ability to deal with the situation. People also sometimes struggle to meet their basic needs, so they not be able to secure food and other necessities because they have no money.
In the short term, this financial abuse leaves victims vulnerable to physical abuse and violence.6 Without access to money, credit cards, and other financial assets, it's extremely difficult to devise a plan to escape the situation safely.
For instance, if an abuser is particularly violent and the victim needs to leave to stay safe, this is difficult without money or a credit card. And if they need to leave the relationship permanently, finding safe and affordable housing is challenging. They also struggle to provide necessities like food, clothing, and transportation.
Those who do manage to escape an abusive situation often face extreme difficulties in obtaining long-term housing, safety, and security.
Financial abuse also has long-term effects. This abuse makes it hard to maintain a steady employment history, which can make finding work in the future more challenging. Because it often leads to ruined credit histories, outstanding debts, and mounting legal issues, the effects can last years and make it very hard to rebuild lasting financial security.
Consequently, it's tough for them to establish independence and long-term security. In fact, many victims stay with or return to abusers due to concerns about financial stability. Financial abuse can also have other long-term effects, including problems with self-esteem and problems with trust in relationships.
How to Get Help
If you are experiencing financial abuse, there are steps that you can take to protect yourself. Leaving the relationship is often the best solution. Other strategies that you can use to protect yourself and get help:
Protect Your Personal Information
Contact your bank and credit card company and ask them to change your account information, including your PIN and access codes. Once you have changed these, do not share them with anyone else.
Access Your Credit Report
Find out more about your financial situation by requesting a free credit report from annualcreditreport.com. Doing this will allow you to see if your abuser has opened up other accounts or lines of credit in your name.
Prepare for the Future
If you cannot leave your abuser immediately, you can take steps to prepare for the future. Open a new account and hide cash where your abuser cannot find it.
If you suspect that your partner or spouse is financially abusive, contact an advocate, a counselor, or a religious leader right away.
How can we stop financial abuse
Stopping financial abuse requires awareness, education, and intervention. Recognize the signs, seek help from professionals, and create a safety plan. counseling, and regaining financial independence are key steps.
Financial abuse is a serious issue that affects countless individuals. Recognizing its signs, seeking support.
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