Almost one in five British adults has reportedly experienced financial abuse in a current or past relationship. Of those, 21% are women and 15% are men.
Financial abuse is a type of domestic abuse where someone has power over you and your finances. There are several types of financial abuse, and its happens to anybody, regardless of age, gender or ethnicity.
Natasha Saunders, an active campaigner and independent consultant for causes against domestic abuse, said: "Financial abuse is a crippling pandemic that has been occurring since time began. Speaking out about financial abuse often brings ridicule and disbelief. Having your bank accounts monitored, keeping receipts to prove the cost of things, and having vital things such as sanitary products or food withheld is abuse."
Credit management company Lowell has revealed five signs which could suggest you are a victim of financial abuse. They are:
- Being asked to prove where you’re spending money and what on,
- Being told how you can, and can’t, spend your money,
- Adding their name to your account or taking control of your accounts,
- Leaving you to pay off debt after making you take out money, or getting loans in your name, and
- Preventing you from accessing your accounts
When it comes to the different forms of financial abuse, over half of respondents mentioned someone spending money without telling you. Over two-fifths brought up someone deliberately withholding funds to stop victims from seeing other family and friends.
And 38% said that their abuser kept track of every single thing they buy. So what can you do if you suspect financial abuse?
- Speak to someone you trust – reaching out to family and friends gives you that extra support when you feel the most vulnerable,
- Get help from domestic abuse charities which provide support for people who are suffering from abuse,
- If possible, try to save some of your own money as a safety net. Ask a family member or close friend to look after it, and
- Contact the police - you can report the abuse and police can arrest those committing offences.
John Pears, UK CEO at Lowell, said: "The lasting impact of financial abuse can be devastating, but it’s important to know that if you, or someone you love, are at risk from suspected financial abuse, you are not alone. There are many specialist organisations who can help.
"At Lowell, we put our customers’ wellbeing first, and we’ll always make sure customers can access the support they need by sharing where to find independent support and advice services. You can also find more information about the signs of domestic abuse and information on support and helplines available on the GOV website, or you can contact Refuge’s National Abuse Domestic Helpline directly on 0808 2000 247.”
