Talk Money Week is the annual celebration of the work thousands of organisations are doing to improve money management across the UK, so we decided it would be a good idea to join in with Talk Money Week and discuss financial abuse.
Financial abuse is one way a family member or carer can try to have power and control over you and is classed as a form of domestic abuse. It can often be overlooked as it happens in isolation and can be difficult to see by family or friends. It can include your family member or carer having full control of all the money, having access to your bank accounts and details, taking out loans in your name and making you account for all your spending with receipts.
These are just a few examples of ways financial abuse can occur. Remember it is quite normal in a relationship for one person to manage the money or even for a carer to give out an allowance for the week to the person they care for, but when it is used to display dominance or power over that person this is when it is completely wrong. Financial abuse often goes together with other types of abuse too, such as emotional and psychological.
People can be left with no money for even food or clothes. This makes you entirely dependent on the abuser and removes your freedom of choice.
Women’s Aid* surveyed 126 survivors and found that:
· 71% went without essentials because they did not have enough money
· 61% were in debt because of financial abuse and 37% had a bad credit rating as a result
· 52% of those living with an abuser said they had no money so could not leave
These statistics prove how common financial abuse really is and that is a huge barrier to leaving abuse.
If you think you might be experiencing abuse or know someone who is, please call us on 01773 719111 or text us on 07914634190 and talk to us.
*Source: 2015 Womens Aid Federation of England
ECONOMIC ABUSE AWARENESS In this article, PayPlan’s CEO, Rachel Duffey explores the challenges of recognising clients who are experiencing economic abuse and what this means for debt advisers. It is estimated that around two million adults experience domestic abuse every year. More shockingly, two women are killed each week by a current or former partner … Continue reading Economic Abuse Awareness