Personal finances

3 Warning Signs Of Financial Abuse In Relationships – Forbes

Summary

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October is Domestic Violence Awareness Month. If you or someone you know is in danger, call a local hotline, or the U.S. National Domestic Violence Hotline at 1-800-799-7233 and TTY 1-800-787-3224, or 911 if it is safe to do so.

Domestic abuse is more than just physical harm—in ma…….

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Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but that doesn’t affect our editors’ opinions or evaluations.

October is Domestic Violence Awareness Month. If you or someone you know is in danger, call a local hotline, or the U.S. National Domestic Violence Hotline at 1-800-799-7233 and TTY 1-800-787-3224, or 911 if it is safe to do so.

Domestic abuse is more than just physical harm—in many cases, it also quietly hurts victims by stripping away their control over their own finances and destroying their financial health.

Domestic financial abuse is rarely discussed, but it goes hand-in-hand with domestic violence. A 2011 Center for Financial Security study of 103 women who had suffered domestic violence found that 99% of them also reported experiencing economic abuse, defined as a partner “controlling a woman’s ability to acquire, use and maintain economic resources.” It often prevents victims from leaving their abuser because they don’t have the financial means to do so.

During the Covid-19 pandemic, the perfect storm of a shock recession, widespread job loss and families being forced to stay at home was feared to have resulted in a sharp increase in domestic violence incidents. Given that the two are closely related, it’s safe to assume that this correlated with an increase in financial abuse.

Financial abuse can happen to anyone, at any time, regardless of whether they’ve been married to their partner for years or are entering a new relationship. Here are the different types of financial abuse and how to identify them.

3 Types of Financial Abuse

Kim Scouller, a financial services professional at WealthWave, leads its women empowerment and domestic violence awareness for women programs. She emphasizes how hard it can often be for victims to identify and decipher financial abuse red flags. (Note: Most research on domestic violence is within traditional cisgender male and female relationships. However, domestic abuse within same-sex relationships occurs at a similar rate to heterosexual relationships).

“When we look at a list of red flags, they seem real obvious to us. But for a lot of women, it’s very incremental how an abuser goes from someone you feel is taking care of you and is doing all of these things because they love you, to someone who’s taken complete control over your finances and your life,” Scouller says.

One Reddit post illustrates the subtle, sinister ways that financial abuse can creep into a romantic relationship. Many Reddit users shared their experiences of partners restricting access to their own money, spending all of their money or racking up debt in their name. Often, it took victims a long time to recognize that they were financially abused, and they had a hard time convincing others that anything was wrong.

“He first began stealing my debit card out of my wallet when I was sleeping or showering …….

Source: https://www.forbes.com/advisor/personal-finance/signs-of-financial-abuse-domestic-violence-awareness/