Watch out for signs of 'financial abuse'

Nearly one in five people have been financially abused by a partner, according to new research from the Co-operative Bank and Refuge. That adds up to an astonishing nine million people, covering all ages, income groups and gender.

“This study lifts the lid on the true extent of financial abuse in relationships in the UK,” says Laura Carstensen, chair of the Co-operative Bank’s Values and Ethics Committee. “While other types of abuse are well-documented, the impact of this kind of coercive control where money is used as a weapon within an intimate relationship is not yet fully understood.”

Financial abuse is when someone else controls your money. It can start out simply enough: you move in with someone, get married or have a child – financial abuse tends to start around key life events according to the study – and one partner takes more responsibility for the household finances. They are in charge of the bills and savings accounts, but this can be the first step on a path to financial exploitation and emotional manipulation that leaves the victim with no access to money.

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“Financial abuse is entwined with traditional ideas and stereotypes; ideas which suggest men should be ‘in charge’, have a right to earn more and should make the big financial decisions; that women are bad with figures and will spend their money on frivolous things – unless someone is there to ‘look after’ them,” says Sandra Horley, Refuge’s chief executive, in the Huffington Post.

The victims of financial abuse span all ages, lifestyles and both genders, but 60 per cent of them are women, with the most typical cases reported affecting heterosexual, married women who work full-time.

This kind of abuse can, in some ways, be the most devastating as it can be the barrier that prevents someone leaving a violent relationship. The victim can be simply unable to leave as they have no money.

“Make no mistake, financial abuse is a form of domestic violence and the consequences of this type of abuse can be both devastating and long-lasting” adds Horley.

For that reason it can be a very good idea for us all to have an emergency fund. A small amount of money – just a couple of hundred pounds would do – that is in an account only you have access to. That way you have a ‘get out’ option. Unfortunately, most of us wouldn’t think to have an emergency fund until it was too late.

So, it is really important that you keep an eye on your friends and family. Christmas is when we meet up with people we maybe aren’t able to see as regularly as we’d like. While you are catching up and celebrating, consider if anyone you know is displaying signs of being in an unhappy, controlling relationship.

“If you have concerns over the Christmas period that a friend or family member might be in an abusive relationship, and you feel able to talk to them about this, it is important to find a safe space and to suggest that they seek specialist help,” says Gillian Guy of Citizens Advice in The Independent.