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.