Don’t ignore the signs of financial abuse

Nearly 70% of millennial women have experienced financial abuse by a romantic partner. Let that sink in for a second. That means, for every 10 women you know in that age group, odds are that seven of them have had a partner use money to control or manipulate them, according to a 2017 survey of 2,000 people ages 1835 by CentSai, a financial wellness website.

Sadly, it’s not surprising given that 1 in 4 women will experience intimate partner violence in their lifetime — often for the first time before they are 25 years old, according to the Centers for Disease Control and Prevention. And financial abuse is present in nearly all domestic abuse cases.

But financial abuse can and does occur absent of any physical violence. And it isn’t strictly a millennial problem, nor is it something that happens exclusively to women. Almost 50% of men in the survey by CentSai said they experienced some form of financial abuse.

Recognizing financial abuse

Financial abuse can run the gamut from subtle to egregious.

It might look like a partner who can’t keep a job or pay their share of the bills. Or one who makes you feel guilty for spending your own money. But it could also be a partner who offers to handle the household finances, then gradually restricts your access to those accounts.

Some other common forms of financial abuse:

• They open credit cards in your name without your knowledge.

• They default on accounts in your name, ruining your credit.

• They make you take out loans or borrow from your family, but don’t pay it back. • They hide money from you. • They refuse to let you work or try to sabotage your career.

If you feel like you’re being taken advantage of financially, bring it up with your partner . How they react will tell you a lot.