What is financial abuse? And how to protect yourself
This type of behaviour can occur in any relationship and often leaves lasting impacts on a person’s independence and well-being. It is essential to familiarise yourself with the signs of economic abuse, as well as practical steps to protect yourself.
What is financial or economic abuse?
Financial abuse is a form of domestic abuse where one person seizes control over another’s resources.
By manipulating monetary access, the abuser makes it difficult for the other person to achieve autonomy, effectively trapping them in the relationship. Actions of this nature often go hand-in-hand with other forms of abuse, reinforcing the offender’s power and isolating the victim from support or escape options.
Types of financial abuse
This type of harm manifests in various ways. A common tactic is controlling access to money, where the abuser restricts or monitors every expense. Forging signatures and unauthorised use of credit or debit cards are also frequent, allowing the offender to steal funds directly.
Some coerce economic decisions, pressuring victims to take on debt, sign over assets or make purchases they can’t afford. Others exploit joint accounts or open lines of credit in the other person’s name without consent, damaging credit scores and creating long-term dependency that can be hard to escape.
Signs and red flags
Key warning signs include sudden financial changes, such as drained bank accounts or unexpected debt. Often, this will come without a clear explanation.
Some may also find themselves left out of money-related decisions. Unexplained transactions or missing funds can signal misuse of money or assets. Additionally, a partner who insists on tracking every expense or denies access to shared finances may be exhibiting abusive behaviour.
Legal and ethical aspects
Manipulation of this nature carries significant consequences and is increasingly recognised as a form of domestic abuse within legal frameworks.
Many authorities now include financial abuse under domestic violence laws, offering victims better protection. Offenders may face civil or criminal penalties, including restraining orders, financial restitution and charges for fraud or theft.
Economic abuse is an exploitative act that involves abusing someone’s trust to exercise control and cause harm. Legal recognition of it reinforces society’s commitment to holding abusers accountable.
Protecting yourself
Start by creating a safety plan, which might involve setting up a separate bank account in your name only, ensuring you have personal funds. Regularly monitor your credit report and statements for unauthorised transactions. Secure important documents in a safe place or digitally – these might include identification, records and legal papers. Seek help from those you trust and don’t hesitate to consult a specialist advisor or charity, such as Surviving Economic Abuse.
Some may be concerned about their finances while going through a divorce. If you’d like the advice of specialist divorce solicitors and other legal experts in this field, contact a reputable family law firm today. This way, you can gain support that is sensitive to the challenges you’ve faced.