Banks join forces to highlight signs of economic abuse

A campaign to improve public awareness of economic abuse is being launched by major banks and the UK government.

New research from the Home Office and Surviving Economic Abuse (SEA) has found that overall awareness of economic abuse is high.

In fact, more than nine in ten men (94%) were able to identify at least one type of economically abusive behaviour as abuse.

But some worrying gaps in knowledge were identified, especially among younger men.

For example, nearly one in five 18 to 24-year-old men (19%) said they don’t consider controlling how someone spends their money to be abuse.

That compares with just 6% of 45 to 54-year-olds.

Similarly, a further one in five (19%) young men said they don’t think controlling access to a personal bank account is abuse.

So banks are joining forces with the government’s Enough campaign to educate the public about economic abuse.

What are banks doing?

High street and digital-only providers such as Monzo, TSB, Metro Bank, Santander and HSBC will show adverts in physical branches and their apps to highlight examples of abusive behaviour, specifically:

• restricting a person’s ability to earn
• running up debts in another person’s name
• controlling someone else’s money
• misusing payment references to harass someone

“Economic abuse may not always be visible and doesn’t always leave bruises,” said safeguarding minister Natalie Fleet.

“But its impact can be just as devastating, isolating victims and controlling every aspect of their lives. 

“Controlling someone’s money, their work, or their independence is abuse. 

“Plain and simple and it must not be dismissed or normalised.”

Ms Fleet added that the campaign will help to protect victims and send a “clear message” to perpetrators that economic abuse is not acceptable.

What is financial abuse?

Financial abuse is a form of coercive control where one person uses money or access to resources to dominate another.

According to SEA, financial abuse can involve controlling a person’s:

• income
• spending
• bank accounts
• bills
• borrowing

It can also include restricting access to essentials such as:

• food
• housing
• transport
• clothing
• technology

Warning signs of financial abuse can include:

• Your partner controlling all the money.
• Your spending is constantly monitored.
• Your partner prevents you from working.
• Money is withheld for essentials.
• You are forced to hand over your wages.
• Financial information is hidden from you.
• Money goes missing or cash withdrawals can’t be explained.
• You’re isolated from friends and family.

“We need to be absolutely clear: controlling someone’s money and economic resources is abuse,” said Sam Smethers, chief executive of SEA.

“All of us - the government, businesses, schools and communities - have a role to play in sending a clear message: economic abuse is abuse, and it has no place in our society.”

Where to get help

If you suspect financial abuse, it’s important to take action. Financial abuse often occurs alongside other forms of abuse.

If you are in immediate danger, call 999.

If you are concerned about your safety, you can contact the following 24-hour domestic abuse helplines:

• National Domestic Abuse Helpline (England): 0808 2000 247
• Live Fear Free Helpline (Wales): 0808 80 10 800
• Domestic Abuse and Forced Marriage Helpline (Scotland): 0800 027 1234
• Domestic and Sexual Abuse Helpline (Northern Ireland): 0808 802 1414

If you need advice about financial abuse, Surviving Economic Abuse offers specialist support.

You can also contact the Financial Support Line on 0808 196 8845 for confidential advice.

Read more about spotting the signs of financial abuse.