Financial abuse is when someone uses money or finances to control or manipulate another person.
Financial abuse is a form of domestic abuse that can happen to anyone. It can have a devastating impact on the victim’s financial well-being, emotional health, and overall quality of life.
Signs of financial abuse
- Controlling how and when you spend money: this could involve things like monitoring your bank accounts, taking your money without permission, or making you ask permission to spend any money.
- Leaving you with no money or access to financial resources: this could involve things like refusing to give you money for food or other necessities or making you pay for everything yourself, even if you don’t have the money.
- Using money to make you feel guilty or obligated: this could involve things like saying that they are the only reason you have any money or that you owe them for everything they have given you.
- Taking out loans or credit cards in your name without your permission: this can leave you with a lot of debt that you will be responsible for paying off.
- Stealing from you or your family: this could involve things like taking cash, jewellery, or other valuable items.
If you think you are being financially abused, it is important to get help. You can talk to a trusted adult, such as a parent, teacher, or counsellor. You can also call a hotline for help. There are many resources available to help you cope with financial abuse and get out of an abusive relationship.
Here’s what we have to SAY
- Keep track of your finances: monitor your bank accounts and credit cards regularly.
- Don’t give out your personal financial information to anyone you don’t trust. This includes your Social Security number, bank account numbers, and credit card numbers.
- Don’t co-sign loans or credit cards with someone you don’t trust. This could leave you responsible for paying off the debt if they don’t make the payments.
- Talk to a financial advisor: they can help you take steps to protect your finances and get out of debt.
- Remember, you are not alone. There are people who care about you and want to help. Don’t be afraid to reach out for support.
