Financial Abuse

I was recently contacted by www.annuity.org. They have asked me to help raise awareness and educate vulnerable people who could find themselves subject to financial abuse. On their website they raise interesting awareness of financial abuse. Financial abuse is a lesser-known, but critical component that abusers use to exert control over their victims. It can range from denying a spouse access to money to using scams or disingenuous motives to steal money from a senior. Financial abuse is very serious, but there are ways for victims to escape and recover from these situations.

Types of Financial Abuse

• Stealing money from someone

• Taking financial control away from someone

• Placing a spouse or partner on an “allowance” and controlling their access to money

• Recklessly spending someone else’s money

• Tricking a senior into giving their money away in a scam

• Taking advantage of an elderly family member to use their money

While it isn’t as well known as other forms of abuse, it is very common and can play a critical role in serious situations. According to the Pennsylvania Coalition Against Domestic Violence, financial abuse occurs in 98% of abusive relationships and plays a huge role in preventing victims from escaping those situations.

“That is the No. 1 reason battered women and men do not leave their partners,” Mary Joye, a licensed mental health counselor who has helped people get out of financially abusive situations, told Annuity.org. “They don’t have enough money to leave. That person usually makes sure you don’t have enough money to leave.”