4.2m women have suffered economic abuse in the last year

Millions of women’s lives are devastated by economic abuse - but many people don’t even recognise any red flags.

According to the charity Surviving Economic Abuse (SEA), 4.2m women in the UK have had their finances controlled by an abuser in the past year.

That works out to about one in six women.

And that figure goes up to one in four among 18 to 24-year-olds.

Awareness of economic abuse remains low

But research by SEA, supported by TSB, suggests that a huge number don’t understand what economic abuse actually is.

Half of those polled said they don’t know what the term means.

And nearly one in ten (7%) didn’t recognise any examples of economic abuse or weren’t sure.

Worryingly, young adults were particularly likely to miss warning signs.

More than one in three (36%) 18 to 24-year-olds didn’t spot one or more red flags.

That compares with 16% of 55 to 64-year-olds.

What is economic abuse?

Economic abuse happens when someone controls another person’s finances or their ability to earn money. 

It often traps victims with the abuser and, if they do manage to leave, destroys their ability to rebuild their lives, sometimes forcing them to return to their abuser.

Economic abuse can take many forms, such as: 

• restricting access to a bank account
• stopping a person from accessing essentials such as food, shampoo and medicine
• taking out credit in a partner’s name without their permission
• preventing you from being in education or employment
• taking your children’s savings or birthday money
• taking out credit cards, loans or mortgages in your name
• limiting your working hours
• taking your wages
• refusing to let you claim benefits

Economic abuse doesn’t happen in isolation

Shockingly, yet perhaps unsurprisingly, many of the women subjected to economic abuse are also regularly abused in other ways.

SEA figures show that more than two-thirds (67%) of women who’ve reported economic abuse also experienced other types of domestic abuse, such as:

• being belittled or humiliated by their current or ex-partner
• extreme jealousy
• regularly being accused of cheating
• threats to hurt or kill them

“We all know how to act when someone is in physical danger,” said Sam Smethers, chief executive of SEA.

“But when someone’s economic freedom is stripped away, leaving them trapped with a dangerous partner, far too many people don’t know what to do.”

“Simply spotting it could change and save a life.”

Kate Osiadacz of TSB added: “The impact of economic abuse on individuals can be devastating, trapping victims in a spiral of debt and stripping them of their financial independence - and in the worst cases, leading to the loss of life.”

Take action

Financial abuse often goes hand in hand with other forms of abuse. 

So if you suspect financial abuse, it’s important to act. 

If you have concerns that your partner may be monitoring your internet use, try and borrow a friend’s phone or use a public computer e.g. at your local library.

And if you’re in immediate danger, call 999.

Help and support

If you've left a relationship where you faced economic abuse, making ends meet can be a real struggle.

The Financial Support Line can provide specialist advice on 0808 196 8845.

Charities and organisations like the ones we’ve listed can also help you access grants and support:

• National Domestic Abuse helpline
• Refuge
• Women’s Aid
• Respect - Men’s Advice Line
• ManKind Initiative

Grants

Some banks and financial organisations offer hardship funds for customers facing money problems or escaping abusive relationships.

So ask if they can help you.

You can find a complete list of charity grants on the Turn2Us website.

Get help with coercive debt

Often, people who flee an abusive relationship are left with debt fraudulently taken out in their name or that they’ve been coerced into taking.

If you’re carrying debts from an abusive relationship, we can advise you on solutions that could be suitable for you based on your circumstances.

You can get in touch with us online or give us a call.