…Until then, we’ve compiled some fundamental information on Financial Abuse for you, below, to help us integrate our actions against abuse. If you have any additional information or feedback, please share!
What is Financial Abuse?
Financial abuse may be “subtle or overt but in in general, includes tactics to limit one’s access to assets or conceal information and accessibility to finances. About 98% of abusive relationships and surveys of survivors reflect that concerns over their ability to provide financially for themselves and their children was one of the top reasons for staying in or returning to a battering relationship” – National Network to End Domestic Violence (NNEDV)
Financial Abuse might include:
- Controlling all decisions of how money is spent
- Withholding money or “giving an allowance”
- Withholding basic living resources, medication or food
- Not allowing their partner to work or earn money
- Stealing their partner’s identity, money, credit or property
- May justify behavior as cultural or religious
Who does Financial Abuse affect?
Like with other types of abuse, financial abuse can happen to the elderly, adults, college students, and children and youth. It can happen to females, males, and LGBTQ (lesbian, gay, bisexual, transgendered, and queer) individuals, regardless of race, socioeconomic background, appearance, and sexual orientation. Some statistics include:
- The estimated, annual financial loss by victims of elder financial abuse is at least $2.9 billion dollars (MetLife Study of Elder Financial Abuse)
- Yet, only one in 44 cases of elder financial abuse is ever reported (National Adult Protective Services Association)
- Research has shown that lack of financial knowledge and resources is the number one reason that victims stay in abuse relationships (Allstate Foundation Purple Purse Initiative)
Where can you find out more to reduce Financial Abuse?
- You can help prevent or overcome financial abuse by referring survivors to an Economic Justice Curriculum
- National Committee for the Prevention of Elder Abuse (NCPEA)
- This is one of three partners that make up the National Center on Elder Abuse (NCEA), designed to serve as the nation’s clearinghouse on information and materials on abuse and neglect
- MetLife Study of Elder Financial Abuse
- AllState Foundation Purple Purse initiative
- Tips on protecting yourself from fraud: http://www.onguardonline.gov/
- Tips for planning for a secure retirement: http://www.wiserwomen.org/
Image Source: Stop Abuse campaign