Financial Abuse

What is Financial Abuse?

Financial abuse, also called economic abuse, is a form of domestic and family violence. It happens when someone uses money to harm you, control you, or take away your financial independence. Financial abuse can happen along with other types of abuse.

Financial abuse is a serious problem because it takes away your independence and control over your life. Understanding financial abuse is important to protect yourself and your financial future. By knowing your rights and seeking support, you can regain control and start to rebuild your life.

In Australia it is important to remember:

• You have the right to control your own money and make financial decisions.
• Financial abuse is never your fault.
• Help is available, and you are not alone.

Financial abuse can happen in any relationship and to anyone, regardless of age. It can occur between family members, such as parents and children, partners, ex-partners, or carers. Financial abuse often starts small and can grow into a bigger problem over time.

Forms of Financial Abuse

Financial abuse can take many forms, such as:

• Control Over Money: Your income goes into a joint bank account, but you are not allowed to decide how to spend it.
• Paying All the Bills: You are the only one paying for all the household expenses.
• Making Decisions Without You: Your partner makes important financial decisions without asking you first.
• Preventing You from Working: Your partner stops you from getting a job or tries to ruin your career.
• Shared Debts in Your Name: Loans or debts are only under your name, even if they are shared.
• Forging Your Signature: Someone signs your name without your permission.
• Forcing You to Take Out Loans: You are pressured to get loans, mortgages, or welfare payments.
• Hiding Finances: You are not allowed to see your partner’s bank statements or know about their finances.

Recognising Financial Abuse

Identifying financial abuse can be difficult, but some signs include:

• You feel like you have no control over your own money.
• You are always worried about paying bills and debts.
• Your partner makes you feel guilty or scared about money issues.
• You are not allowed to work or are forced to give up your job.

Impact of Financial Abuse

Financial abuse can cause both immediate and long-term harm:

• Financial Hardship: You may struggle to pay bills or buy essentials.
• Debt: You might have debts in your name that you did not agree to.
• Stress and Anxiety: Worrying about money can affect your mental health.
• Loss of Independence: You may feel trapped and unable to leave the abusive relationship.

Getting Help

If you are experiencing financial abuse, it is important to seek help. There are resources and services available to support you.

1800RESPECT: Call 1800 737 732 for confidential help and advice.

You can contact the Australian Federal Police on 131 237 or go to the AFP website.

Legal Aid Services: Offer free legal advice and help. They can explain your rights and help you with legal issues. You can contact legal aid in your state or territory here.

Financial Literacy for Women: Harmony Alliance has a free multilingual e-learning resource to help you manage your finances, set up a bank account, make payments, earn an income, and save for retirement. You can access the Financial Literacy for Women Course here.

For more information and support, visit our Support Services Page.