If you or someone you know could be a victim of financial abuse, it is important to know the signs to look out for to protect yourself and others.

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Signs to look out for:

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• Restricting access to your money. Someone may control your outgoings, restrict your access to bank accounts and even make you ask them for money when you need it. They could also force you to change your login details so they have sole access and control.
• Creating debt in your name. Someone may take out loans or credit cards in your name and then rack up debt. This will be without your consent and cause issues for you in the future - your credit score will be affected and you are then financially tied to that person.
• Affecting your work. Someone may sabotage your ability to get a job to limit your income, making you dependent on them.

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Other examples include:

• Pressuring you to change your will
• Pressuring you to withdraw your pension or stop making pension payments
• Demanding proof of what you spend your money on
• Monitoring your phone or computer use so they can get access to your bank accounts
• Cashes in cheques without your permission

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Effects of abuse

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Isolation

By someone else taking control of your finances, you may be forced to cancel plans and not see friends or family. You may not be able to spend unless you ask that person for money and therefore have no power to do what you want.

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Loss of confidence

You may feel as if you don’t know how to control your money as you haven’t had the opportunity to or you feel as if you are being constantly watched or questioned whenever you spend money.

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Loss of independence

You may have had to become financially dependent on someone else as they are controlling all your finances, making you unable to reach out for help without the financial backing.

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Negative Financial Situation

If someone controls all your finances, you may not be able to build an emergency fund or F-Off fund that you need to escape your abuser. The decisions they make can mean you are tied to them financially and put in a worrying position financially and otherwise.

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What to do about it

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Breaking free from financial abuse can be difficult, but recognising it is the first step.

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First steps:

• Keep a record of the abuse
• Report it to the police
• Keep important documents with you (passports, bank statements, tax documents, loan documents, insurance policy documents)

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If you or your children are in immediate danger, dial 999 to call the police. If you can’t talk, dial 999 followed by 55.

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Otherwise, here are some organisations that can offer support:

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https://survivingeconomicabuse.org/what-we-do/financial-support-line/

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https://refuge.org.uk/i-need-help-now/how-we-can-help-you/economic-abuse/

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https://www.nationaldahelpline.org.uk/

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https://www.womensaid.org.uk/

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