What is Financial abuse?
Financial abuse can manifest itself in various ways. Here are some common forms:
1. Controlling finances: The abuser may control all financial decisions, including restricting access to bank accounts, credit cards, or other financial resources.
2. Exploiting finances: The abuser may exploit the victim's financial resources for their own benefit, such as using their money without permission, stealing their identity, or forging their signatures.
3. Withholding access to money: The abuser may restrict or deny the victim access to money to meet their basic needs, forcing them to depend on the abuser for financial support.
4. Coercive borrowing: The abuser may coerce or pressure the victim into taking on debt, such as loans or credit card debt, for the abuser's personal gain or to maintain control over the victim.
5. Sabotaging employment or education: The abuser may interfere with the victim's ability to maintain employment or pursue education by preventing them from working or attending classes, thus limiting their financial independence.
6. Exploiting assets: The abuser may manipulate or deceive the victim into transferring ownership of assets, such as property or investments, solely under the abuser's control.
7. Financial blackmail: The abuser may threaten or blackmail the victim using financial means, such as threatening to withhold financial support or revealing sensitive financial information.
8. Economic isolation: The abuser may isolate the victim from family, friends, or support networks, thus limiting their access to financial resources or advice.
It's important to note that financial abuse often occurs alongside other forms of abuse, such as emotional, verbal, or physical abuse. If you suspect someone is experiencing financial abuse, it is crucial to encourage them to seek help from trusted professionals, such as counsellors, financial advisors, or organisations specialisingin domestic violence.
Here are some helpful resources
Please take a look:
https://www.annuity.org/financial-literacy/financial-abuse/
https://www.annuity.org/financial-literacy/women/
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