What is a Financially Abusive Relationship?
When we hear the term "abusive relationship," most people’s minds often jump to physical or sexual violence.
While these forms of abuse are indeed serious and overt issues, it is important to recognise that domestic or relationship abuse can take more subtle forms as well, such as coercive control or financial abuse.
Financial abuse, in particular, is a prevalent yet often under-detected and misunderstood form of abuse that can have a devastating impact on the individuals who are affected.
This article aims to shed light on exactly what financial abuse entails, how to identify if you or someone you know is experiencing it, and the steps that can be taken to address the situation.
What is a financially abusive relationship?
A financially abusive relationship is characterised by one partner exerting control over the other's finances, creating a power imbalance within the relationship.
This abuse is often rooted in a desire to maintain dominance and control over the victim and often thrives on the victim's lack of financial independence, making it easier for the perpetrator to manipulate and exert control over their life.
After all, a lot of choice in today’s society comes from our ability to pay for things such as luxuries, groceries, transport and more. Cutting someone off from their finances against their will or at least restricting access means essentially removing access to those liberties as well.
What makes financial abuse particularly devastating is the perpetrator's tendency to continually move the goalposts, implementing increasingly restrictive measures over time.
What isn’t financial abuse?
A scenario isn’t considered a financially abusive relationship if the partners have fair and balanced control over finances. For instance, if both agree to save up for an investment, like a house, and they both agree to keep a budget, then it’s mutually agreed upon.
What does financial abuse look like in practice?
Financial abuse doesn’t discriminate, meaning that all genders and relationships may be subjected to it.
Financial abuse can manifest itself in a large variety of ways from excessive credit card tracking to imposing weekly allowances that keep individuals trapped in an impoverished lifestyle.
Generally, financially abusive relationship behaviours will often fall into two main categories:
1. Excessive restriction of financial freedom:
In extreme cases, the perpetrator will dictate every aspect of the victim's financial life, leaving them with minimal control over their own money. This could involve demanding detailed receipts for every purchase they make, limiting access to joint bank accounts, or even forbidding the victim from working outside of the home. Whether it is one or a combination of restrictions, the sole aim of financial abuse is to isolate the victim, leaving them financially dependent and vulnerable.
2. A lack of transparency and input:
Financial abusers will often keep their partners in the dark about the family's financial matters, deliberately withholding information and denying them any say in financial decisions. Often, they may maintain sole control over the household finances, refusing to share account statements, budgets, or financial plans.
This lack of transparency not only perpetuates the power imbalance in the relationship but also leaves the victim unaware of their true financial situation, making it even more challenging for them to break free, retake control and move forward.
Want more information about financially abusive relationships?
If you suspect that you or someone you know may be a victim of financial abuse, even if the examples mentioned above do not precisely match your situation, it is crucial to reach out for help and support.
What can you do about Financial Abuse?
If you find yourself (or someone you know) in a financially abusive relationship, it’s important to know that there are steps you can take to protect yourself and regain control of your financial well-being.
It all starts with seeking professional advice from caring professionals with expertise and experience in dealing with abuse, such as counsellors, therapists, domestic violence helplines or accredited family lawyers like our team at Voice Lawyers.
Why choose Voice Lawyers?
We can provide you with guidance, support, and resources to help you navigate any financial abuse challenges you may be facing.
As an Australian Legal Firm with first-hand experience and founded as a response to our own lived experiences, we personally understand the stress and pain associated with your situation and offer an obligation-free, completely private consultation to walk you through your options.
So give us a call, today at (02) 9261 1954, or for more information about financially abusive relationships read our Guide to Financial Abuse.
Are you looking to learn more about financial abuse and help curb its presence in society?
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