The Money and Pension Service and Money Helper offer support to victims of financial abuse, reminding them ‘you are not alone’
A staggering 16% of adults in the UK say they have experienced financial abuse. If a partner, family member, or anybody else is controlling our finances against our will, this is a clear sign of financial abuse.
One in five women in the UK have experienced economic abuse by a current or former partner. But, financial abuse can happen to anyone, regardless of age, gender, or the type of relationship we’re in.
Red Flags
Financial abuse can take different forms and so it might not always be clear if we are being taken advantage of. The first step is to spot the signs. The Money & Pension Service lists some red flags such as:
- Forcing us to take out money or get credit in our name
- Making us hand over control of our bank accounts or changing our password details without our consent/knowledge
- Asking us to prove what we’ve spent our money on
- Controlling what we can and can’t spend our money on
- Pressuring us to have our benefits be paid into a bank account that we do not have access to
Other red flags include interfering with our job like telling us where we can work or pressuring us to quit. If we share assets and resources with a partner, red flags may include them making large financial decisions without our input or hiding funds.
It may feel strange to label these behaviours as “abuse” but often, people who try to control our finances are trying to have power over us. It can become more challenging to leave a bad relationship when the person is in control of our money.
Regain control
If we find ourselves in this situation, here are five key steps we can take to regain our finances:
- Gather important documents like bank statements, passports, and utility bills for financial security.
- Secure bank accounts by opening new accounts, changing PINs, and freezing joint accounts if necessary.
- Seek financial advice from specialists, such as the Financial Support Line or debt advisors.
- Sort out utility bills by notifying providers and landlords when leaving the property.
- Find financial aid through benefits, charity grants, or council welfare assistance.
We can go to the Surviving Economic Abuse website to find out how we can de-link from the abuser. Resources include how to leave an abuser safely, how to achieve economic safety, and more. The website also has economic safety resources specifically for men, which we can find here.
If we are experiencing domestic abuse and are in financial difficulty, we can contact the free Financial Support Line at 08081968845, Monday-Friday, 9am–1pm and 2pm–5pm. Interpreters are available for callers with English as a second language.
Image: Fizkes / Shutterstock
