Ever heard of financial abuse? It's is a form of domestic abuse that often remains unseen: people usually think of physical and verbal violence talking about domestic abuse. But study shows that financial abuse happens just as often. A research by the Centers for Financial Security found that 99% of cases of domestic violence also involved financial abuse.
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WHAT IS FINANCIAL ABUSE?
Financial abuse is all about the control over a victim's finance. Research shows that victims frequently worry about their financial capability to support themselves and their children. That's the common reason why they fear to end the relationship.
In fact, financial instability ranks as one of the primary factors compelling women to return to an abusive partner.
An interesting fact: men can also be victims of financial abuse. Numbers say that almost 1 in 7 men aged 18 and older experience some form of domestic violence.
3 SIGNS OF FINANCIAL ABUSE
Overall, financial abuse is about financial dependence that traps victim in the relationship. Without resources, they are unable to see a way out of their situation.
Hopefully, analyzing abusive behavior is much easier, than to find a cheating wife. Below are four prevalent manifestations of financial abuse, along with guidance on safeguarding against it and steps to recover from such exploitation.
1.Total Financial Control
We know, people have different roles in romantic relationship. Sometimes one partner is like a financial manager, overseeing budgeting and expenditure tracking. But this kind of control becomes a problem when it makes it harder for the other person to get money. Abusers can often explain that this is how they're "taking care" of the money.
2. Economic Exploitation
Financial abuse can be very severe, especially economic exploitation. This happens when the abuser messes with the victim's money and credit on purpose. They might open credit accounts in the victim's name without permission, refuse to pay bills, or waste money they both earned.
"The victim can't access their financial accounts, so they don't know what's happening," explains Wilda Harrison, a relationship psychologist. "This can ruin their credit, making it hard to get credit cards, car loans, or mortgages later. The victim may even get bankrupted," she notes.
3. Forced Debt
Another type of economic exploitation is coerced debt, in which the abuser forces the target to open credit lines or make financial transactions in their name. This is when threats of harm to the target or their children can be used as a bargaining chip.
Forcibly taking on debt is hard to prove and get back because it's hard to show that the victim did not agree to the transactions, especially when they happen online.
HOW TO GET HELP
Leaving the abusive relationship is often the most effective choice! But honestly, there are some other useful strategies to protect yourself and seek assistance:
- Guard Your Personal Information. Get in touch with your bank and credit card company to request changes to your account details, including your PIN and access codes. Once these adjustments are made, refrain from sharing them with anyone else.
- Review Your Partner’s Personal Information. You can check your partner’s financial background with Listing Locator. This service's main goal is to help people find out what their partner is doing online.
- Prepare for the Future. If you can't leave your abuser right away, there are things you can do to get ready for further events. You could open a new account and put your money there where your abuser can't find it.
REFERENCES
- Adams A.E. Measuring the Effects of Domestic Violence on Women’s Financial Well- Being
- Pennsylvania Coalition Against Domestic Violence. Financial Abuse
- National Domestic Violence Hotline. Men Can Be Victims of Abuse Too
- Howard M, Skipp A. Unequal, Trapped & Controlled: Women’s Experience of Financial Abuse and Potential Implications for Universal Credit. Women’s Aid
