COULD YOU BE A VICTIM?
Financial abuse is more common than you might think. Be alert for telltale signs for yourself or someone close to you.
WHO’S IN CONTROL?
Money can be a sensitive topic for many of us, particularly if you are in a situation where you’re not in control of your finances. Whether it’s limited access to cash or constant scrutiny of spending, a financially abusive relationship can take many forms.
According to Jan Breckenridge, Associate Professor at the University of New South Wales’ Gendered Violence Research Network, financial abuse can occur without physical violence. However, regardless of the method, the planned outcome for the perpetrator is always the same – control.
WHAT IS FINANCIAL ABUSE?
“There are three key ways money is used to abuse a partner: financial control, financial exploitation, or sabotage of work or study which limits economic opportunities. A perpetrator might withhold money, track the other person’s spending online, block access to their own accounts or create debts in the victim’s name,” Breckenridge explains.
For many, lack of financial autonomy is what keeps them in a situation that they might otherwise leave.
KNOWLEDGE IS POWER
“Financial literacy is one important area that can help everyone spot the warning signs of abuse – either for themselves or for someone close to them. It’s not necessarily about looking for it, but if there are signs of financial stress, sometimes it’s an indicator that something is not okay,” says Breckenridge.
Commonwealth Bank Group Executive Sian Lewis explains, “As one of Australia’s largest banks, we have a responsibility to do what we can to address this disturbing issue.
“Over the past five years, we’ve committed $30 million to programs that have helped people affected by domestic and family violence.
“But we know there is more to be done. That’s why we’re investing in and partnering with a range of leading community organisations, academics, survivors and advocates to develop new financial solutions and support to help those affected achieve long-term financial independence.”