When reflecting on domestic abuse, we often think of physical abuse only. Yet, domestic abuse can not only be physical but also psychological, sexual, and economic. Although economic abuse, including financial abuse, is much harder to notice, it can equally harm a person.

What is financial abuse?

Financial abuse is part of economic abuse. In financial abuse, like in other forms of abuse, there is a desire to have control over another individual. When a person’s right to freely manage money is limited, their financial activity is controlled, and their opinion isn’t considered in making financial decisions, we witness financial abuse.

Who can it happen to?

Anyone, regardless of age, gender, profession, place of living, nationality, education, belief, marital and parental status, can experience financial or any other form of abuse. Financial abuse can happen in different relations—between partners (whether living together or not), among acquaintances, and more.

Let’s discuss examples of abusive behavior to be aware of how to prevent potential financial abuse.

Abusive behavior

Financial abuse can be expressed in various ways. Pay attention if your partner, family member, or any other person in your circle:

Controls or takes advantage of your finances or your shared finances:

• Decides what you should spend and not spend your money on

• Decides how much money you need to sustain a living

• Hides the statements of your joint account or individual account

• Prevents you from accessing either your individual account or joint account

• Ruins your credit score by promising to make loan repayments in your name but breaking their word

• Fakes your signature when signing a financial document

• Withdraws money from your bank account without informing you and getting your approval

• Sells your property without your consent

• Wastes the family budget on gambling.

Exerts psychological pressure:

• Makes you feel guilty and threatens and isolates you for not giving them money

• Forces you to become a guarantor for their loan or take out a loan for them

• Demands that you ask permission before using money

• Demands that you account for all the money spent

• Forces you to work in a family business without being paid

• Makes you sign suspicious documents

• Makes you believe you can’t manage your finances yourself

• Makes you update your will.

Violates your right to work and study:

• Forbids you from searching for a job or going to work by offering weak excuses, thus trying to make you financially dependent on them

• Decides where you can and can’t work

• Assures you there’s no need to study as they will take care of your needs.

How to protect yourself

There’s a risk of making quick decisions while being exposed to abuse. You need to devise a safety plan, point out the important steps, and take action before leaving everything behind.

• Make sure you have cash at hand or in a separate bank account. Ensure that the abuser can’t access it.

• Contact your bank, change your account credentials (PIN code, password, etc.), and don’t provide the new credentials to anyone. This way, only you will be able to use your account.

• Receive your bank account statements to review all the transactions and spot suspicious activity.

• Get acquainted with the documents to be signed and avoid signing suspicious ones.

• Keep important documents like a passport, social security card, insurance card, driving license, loan documents and certificates of ownership in a safe place. It’s worth saving the digital copies or photos of your documents in your phone or PC. These documents will help you receive financial assistance or land a new job.

• Stay connected with a reliable friend or family member. Ask them to keep your money or help you find a new place to live if necessary.

• Turn to shelters and get psychological help provided for the victims of domestic violence.

—

You may not notice the warning signs of financial abuse at first. The abuser will not always show aggressive behavior: they might be “loving” and assure you that they are doing it all for your own good. You can avoid unpredictable situations that leave an indelible mark on life by asking for help and creating a safety plan in good time.