In our divorce business, we regularly focus on the issues around Domestic Abuse. In September, the team are running and walking 60 miles each as part of the “Step Forward Challenge” with Women’s Aid to try to stop Domestic Abuse, and so this felt a good time to talk about two lesser known facets of Domestic Abuse that you might spot in your friends and family.
When we talk about domestic abuse, physical violence often comes to mind first. However, abuse can take many forms, and two of the most insidious are economic and financial abuse. These forms of abuse can be just as damaging; trapping victims in relationships where they feel powerless and unable to leave. Let’s take a closer look at what economic and financial abuse are, how they work, and what you can do if you or someone you know is affected.
Economic abuse occurs when one person in a relationship controls another person’s access to money, resources, or financial independence. Financial abuse is a subsection of economic abuse. The aim is to make the victim financially dependent, limiting their ability to make decisions, support themselves, or leave the relationship. This type of abuse can take many forms, including:
The effects of this abuse can be devastating. It can trap victims in abusive relationships because they feel they have no financial means to leave. It can lead to long-term financial difficulties, such as poor credit ratings, debt, and poverty. The stress and anxiety caused by financial abuse can also lead to serious mental health issues.
Victims often feel isolated and helpless, especially if they are unaware that what they’re experiencing is a form of abuse. Many feel ashamed or embarrassed, which can stop them from seeking help, and many don’t realise they have been being abused because it has become the norm or crept up on them slowly and subtly.
Recognising the signs of economic and financial abuse is the first step to breaking free. Here are some red flags to watch out for:
If you recognise any of these signs in your relationship or someone else’s, it’s crucial to seek help.
If you are experiencing economic or financial abuse, know that you are not alone, and help is available. Here are some steps you can take:
Economic and financial abuse is a serious issue that affects many people, often in ways that are hidden from view. Understanding this type of abuse is the first step towards breaking the cycle and regaining control of your life. If you or someone you know is experiencing financial abuse, remember that help is available, and it’s never too late to seek support.
By raising awareness and supporting each other, we can work towards ending this form of abuse and ensuring that everyone has the financial independence they deserve.
The entire Smart Financial Team have signed up to take part in the “Step Forward Challenge” and are running or walking 60 miles in September.
Tamsin Caine, Director of Financial Planning, was keen to get involved. “As a divorce specialist, sadly a large majority of our new divorce clients are victim survivors of domestic abuse. We are passionate about making a difference to their lives. This challenge is another way we can help.”
Smart Financial CEO, Steven Martin feels, “this challenge aligns with our company values, healthy mind healthy body. The team were all enthusiastic about the idea. Now we need to complete the miles and raise some money!”
You can support us using the link https://womensaidfederationofengland.enthuse.com/pf/smart-financial.