The Connection Between Domestic Violence & Financial Abuse

Understanding Domestic Abuse

November is Domestic Violence Awareness Month – an opportunity to spread awareness and provide resources to support victims and prevent further abuse.

Domestic abuse is a grave issue that affects many households. It can take various forms, including physical, emotional, and psychological harm. People often focus on the visible signs of abuse, but it's important to consider the financial aspect of abuse. 

Financial abuse is occurs in 99% of domestic violence cases and is the silent weapon. 

So what is Financial Abuse?

Financial abuse is a less visible form of control that can vary in degree and can be difficult to identify. By definition financial abuse is when an individual uses money, finances and resources as a means of excercising power and control over another. 

Finanical abuse often creeps up and is very insidious. At first, it can be very considerate that your partner is taking care of all the financial needs, paying the bills and making all the daunting decisions. 

If your partner however controls every bank account, every credit card, all the investments and makes all the decisions, it is very very easy to end up being coerced. 

Common Signs of Financial Abuse

Recognizing financial abuse is crucial in addressing the issue. Some signs include:

• Control Over Finances: Your partner controls all the finances such as bank accounts, credit cards and income and you have little or no access to these resources. 
  
• Limited Access to Money: You have to ask for money and your partner controls how much you recieve. You may only get small allowances for basic needs.
• Monitoring Spending: Your partner scrutinizes and critizices your spending, even on necessities. 
• Forbidding Employment or Education: Your partner discourages or prevents you from working or furthering your education, making you financially dependant on them.
  
• Forced Debt: Your partner pressures you to take on debt or use your name to accrue debts without your knowledge or consent. 
• Forced Signatures: You are forced to sign financial documents without understanding them
• Witholding Information: They hide financial information from you, such as account statements, bills, or tax returns making it difficult for you to understand your financial situation

The Impact on Victims

Financial abuse is one of the most powerful methods of keeping a survivor trapped in an abusive relationship and deeply diminishes the victim’s ability to stay safe after leaving an abusive partner. 

The dilemma often becomes: Either risk staying in an abusive relationship or risk losing finanical security, becoming homeless and facing poverty.

For those who manage to escape the abuse and survive initially, they often face overwhelming odds finanically and is the #1 reason victims often return to abusive relationships.

Ruined credit scores, sporadic employment histories, lack of knowledge or resources, and legal issues caused by the abuse make it extremely difficult to gain independence, safety, and long-term security.

Steps to Break the Cycle of Financial Abuse

Breaking free from financial abuse requires careful planning, education support. Taking the first steps to break free of financial abuse may seem scary, but you don’t have to do it alone. Here are some steps you can take:

1. Open a separate bank account for personal use- even if you don't have much money yet to put in the account, this is the first step.
   
2. Gather important documents and keep them safe
3. Speak to a professional: whether an advisor, a coach or a trusted family or friend, reach out for help. 

Support and Resources

Support networks play a vital role in helping victims. Friends, family, and professionals can offer guidance and resources. It's important to reach out and ask for help.

Here at FemFinancial we exist to ensure women everywhere have the knowledge and resources to avoid these situations or help them get out of an abusive situation. 

We all know someone who has been affected and it is important we spread awareness and support one another. 

Please feel free to book a free call to get some support with financial planning or share with someone who may need support.

Knowledge is power. Power is choice. Choice is Freedom.
Let's help prevent and stop domestic violence together.