Financial abuse is a common form of abuse in relationships where one partner uses money to control the other. Signs include monitoring access to money, limiting or controlling spending, withholding necessities, forcing debt, and controlling documentation. Recognising financial abuse can be challenging as it often starts subtly, but talking to someone trusted or a professional organisation can help victims recover and rebuild their financial independence. It’s crucial to educate ourselves and others about the insidious nature of financial abuse to create a better, safer world for everyone.
Spotting Financial Abuse: Key Signs To Look Out for In A Relationship
The subtle way of controlling through finances
Money is one of the most essential aspects of any relationship. As such, it’s unfortunate that some people use it as a way to manipulate and control their partners. This phenomenon is known as financial abuse and, sadly, it’s one of the most common forms of abuse in relationships today. Financial abuse involves one partner using money to control the other, causing them to feel powerless and trapped. If you suspect that you or someone you know might be experiencing financial abuse, it’s crucial that you learn to recognize the signs. Here, we explore what financial abuse is and how to recognise the warning signs.
What is financial abuse?
Financial abuse occurs when an abuser uses money to gain power and control over their victim. The abuser may limit or control access to money, withhold funds, force the victim to work or give up their income, or use debt to keep the victim trapped. The abuser may make all of the financial decisions, create barriers to employment or education, or use money as a weapon to exert power. Financial abuse is most commonly seen in intimate partner relationships but can also occur in familial, business, or friendship relationships.
Recognising the signs and understanding the severity
Recognising financial abuse can be challenging since it often begins slowly and subtly, making it difficult to spot. The victim may not realise they are in an abusive relationship until it’s too late. Some common warning signs of financial abuse include:
Monitoring access to money
An abuser may insist on controlling all aspects of the couple’s finances, including how much money the victim has access to and how they can spend it. For example, they may demand that the victim turns over their paycheck to them, forcefully limiting access. They may check bank statements or credit card activity constantly to keep track of their victim’s spending habits.
Limiting or controlling the victim’s spending
An abuser may limit money for household expenses, food, or clothing. They may make the victim beg or plead for basic needs or keep control of the money so they can decide how and where it’s spent.
Withholding necessities
An abuser may withhold basic needs such as food, medication, or essential medical care. They may sabotage job prospects or education opportunities.
Forcing debt
An abuser may take out unnecessary loans in the victim’s name and fail to make repayments. This could ruin the victim’s credit record and traps them in debt, making it hard to get out.
Controlling documentation
The abuser might control the victim’s documents, such as their passport, identification cards, or travel documents, restricting their freedom –
Recovering from financial abuse
If you suspect you are a victim of financial abuse, the first step is to talk to someone you trust about your situation. This could be a friend, family member, or professional organisation that specialises in supporting survivors of abuse, such as the National Domestic Violence Helpline.
Financial recovery from financial abuse will require time, effort, and support. First, identify all debt and create a repayment plan. You should check for any false bank accounts opened by the abuser in your name, seek services of a professional lawyer for legal support. Set a budget and learn how to manage finances and stay on track, putting yourself as the key priority to rebuild your credit and savings.
Conclusion
As with other forms of abuse, financial abuse can have a significant impact on a person’s wellbeing, self-esteem, and overall quality of life. Recognising the warning signs of financial abuse and seeking support to address it is the first step towards healing and independence. By educating ourselves and others about the insidious nature of financial abuse, we can help create a better, safer world for everyone.