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Abuse in Another Form

July 4, 2024

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What to know about financial abuse

Financial abuse is not as well known as other types of abuse, but it is no less devastating. Financial abuse occurs when an abuser gains power by restricting a victim’s access to money. Here’s everything you should know about this issue.

 

Signs of Abuse

The signs of financial abuse can be subtle at first. An abuser can control all of the financial decisions simply because it seems “easier that way.” An abuser can slowly run up debts and refuse to pay bills that are in the victim’s name. An abuser may limit access to checking accounts and credit cards.

Another common type of financial abuse is limiting the victim’s access to gainful employment. Often this involves some physical or mental abuse. The abuser might force the victim to be late to a job interview, destroy their work clothes, or even physically harm the victim so they’re unable to work. A financial abuser typically controls all the money in a relationship.

Alarming Beginnings

Look for warning signs at the beginning of a relationship. Ask yourself the following:

  • How open and honest is your partner about money?
  • Does talking with them about finances make you uncomfortable?

Before entering into a long-term relationship, make sure you have discussed money and formed a plan that includes you.

How to Get Help

If you’ve been a victim of financial abuse, you can contact the National Domestic Violence Hotline. There is someone on the line 24/7. You should try to gather as much information about your finances as possible. Try to obtain account numbers and login info, and make copies of driver’s licenses, birth certificates, and credit card statements.

 

This article was originally posted on savvymoney.com

 

The material provided on this page is for informational use only and is not intended for financial, tax or investment advice. VisionBank, PurposeBank and/or its affiliates assume no liability for any loss or damage resulting from one’s reliance on the material provided. Please also note that such material is not updated regularly and that some of the information may not therefore be current. Consult with your own financial professional and tax advisor when making decisions regarding your financial situation.

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