How can one identify and avoid economic abuse?

Introduction

Economic abuse is a pervasive form of domestic violence that occurs in up to 99% of abusive relationships.

It’s crucial to recognize the signs and take steps to protect yourself. Here’s how to identify economic abuse and measures to avoid it long-term.

Recognizing Economic Abuse

Economic abuse involves controlling a partner’s ability to acquire, use, and maintain financial resources. Common signs include

Clear signs

If you suspect you’re in an economically abusive relationship, taking the first steps towards safety and financial independence is crucial. Here are the initial actions you should consider:

Recognize the Signs

First, it’s important to identify the signs of economic abuse. These may include:

Your partner controlling all financial decisions without your input

Being given an “allowance” or having to account for every penny spent

Interference with your work or career opportunities

Unauthorized use of your credit cards or bank accounts

Forcing you into debt or damaging your credit score

Real-Life Example

Sheikh Aneed shared his experience of marrying a foreign woman from another country with a member of a team.

Initially, the couple enjoyed a happy marriage and had a child together.  

However, Sheikh Aneed noticed a troubling pattern: his watches, jewelry, money, and other valuables frequently went missing. Despite his initial reluctance to suspect his partner, he eventually discovered that she was sending these items to Malaysia via FedEx, under the guise of sending clothes to her family.  

Although Aneed was trusting and kind-hearted, the frequency of these incidents raised his suspicions. For example, he recalled removing his gold ring for a moment at the dining table, only to find it missing when he returned five minutes later. His wife would even assist in searching for the lost items.  

To address the situation, Sheikh Aneed implemented several security measures: he secured his belongings in a locker, canceled all his cards, and strengthened the security of his banking information by changing passwords, including those for his email account.  

Once these measures were in place, the incidents ceased. It became evident to Sheikh Aneed that he had been a victim of financial abuse.  

This experience serves as a cautionary tale: even those we trust and love may betray us. It is essential to remain vigilant and protect oneself from potential financial exploitation.

Secure Your Information

Once you’ve recognized the signs, take steps to protect your financial information:

Change passwords for all financial accounts

Use strong, unique PINs for banking

Open and review your own bank statements regularly

Secure important financial documents in a safe place

Start Building Financial Independence

Open a new, separate bank account in your name only

Begin saving money, even if it’s small amounts

If possible, redirect a portion of your salary to this new account

Document Everything

Keep a record of all financial transactions, including:

Bank statements

Credit card statements

Any evidence of financial exploitation or control

Control Over Finances

Giving you an “allowance” or strict budget without your input

Requiring you to account for every penny spent

Controlling how all household finances are spent

Interference with Work

Pressuring you to quit your job or sabotaging your work responsibilities

Preventing you from attending job training or advancing your career

Hiding your keys or offering to babysit and then not showing up

Financial Exploitation

Spending your money without your knowledge

Maxing out credit cards in your name

Using funds from children’s savings accounts without agreement

Debt and Credit Issues

Forcing you into debt

Running up bills on credit cards or opening new accounts in your name

Steps to Avoid Economic Abuse

If you earn more than your partner, don’t over do by giving all your finances to your partner. Instead encourage your partner to find any kind of work to meet their basic needs.

Maintain Financial Independence

Keep a separate bank account in your name only

Secure important financial documents in a safe place

Maintain your own credit history

Protect Your Information

Use strong, unique passwords for all financial accounts

Keep your banking PIN private

Open your own mail and review bank statements regularly

Build a Support Network

Connect with survivor support groups

Seek help from financial counselors and domestic violence advocates

Pursue Employment and Career in Opportunities

Explore job training programs designed for survivors

Consider starting your own business for financial independence

Educate Yourself

Learn about personal finance and budgeting

Attend financial literacy workshops if available

Communicate Openly

Discuss financial goals and expectations with your partner

Have regular “economic date nights” to review finances together

Trust Your Instincts

If something feels off about your financial situation, don’t ignore it

Take it slow in new relationships and keep finances separate until trust is established

Seek Support

Reaching out for help is a critical step

Contact domestic violence support services for guidance

Consider speaking with a financial counselor who specializes in economic abuse

Connect with organizations like Surviving Economic Abuse or local advocacy groups for resources and support

If required based on level of abuse you can engage with the police and legal authority.

Conclusion

We live in times of corruption and blind faith.

Nothing new about financial abuse happens all round you and with you all the time. But we tend to ignore it in name of trust, care and love, making perpetrator more encouraged.’

Economic abuse is a serious form of control. If you recognize these signs in your relationship, reach out to domestic violence support services for help. Know your rights as a partner and make boundaries clear.

Financial independence is crucial for your safety and well-being.