Financial abuse often involves controlling or manipulating someone’s access to money, creating a dependency, or using financial means to gain power over them. Some examples of financial abuse include:
- Cutting off joint bank accounts or refusing to contribute to shared expenses: If one partner suddenly refuses to contribute to household bills or cuts access to funds that were previously shared, it creates a power imbalance. The person affected may struggle to pay bills or meet financial obligations.
- Hiding money: Concealing or hiding money from a partner is a clear form of control. This behavior can create a situation where one person is left in the dark about finances, making it difficult for them to manage their own finances or plan for the future.
- Running up household bills and refusing to pay: This can leave the other partner with all the financial burden. It may also involve purposely ruining someone’s credit score or getting them into debt, making them dependent on the abuser.
Financial abuse is often used to manipulate, isolate, or create a sense of powerlessness in the other person, which can have devastating consequences on their mental and emotional well-being. It’s one of the less talked about forms of abuse but is just as serious as physical or emotional abuse.
If you’re in a situation where this is happening, it’s important to seek support from a trusted advisor, therapist, or legal professional. Financial independence and planning are key to escaping such abuse.
