Financial abuse — what to look out for

What is financial abuse?

by Verve

Financial abuse can happen to anyone. It is also a common, yet often poorly understood, aspect of family violence.

Verve Super co-founder Zoe Lamont  explains that over the past decade she has often spoken to women who have unknowingly described their marriage, or financial situation, as a coercive, controlling, financially abusive relationship.

Lamont explains that “financial abuse, just like emotional and psychological abuse, can be hard to recognise when it is happening to you. This is where friends and family can help if you spot something that is off’.”

According to the Government Money Smart Website, the official definition of financial abuse is when someone takes away your access to money, manipulates your financial decisions, or uses your money without consent. This often exists alongside other forms of emotional or physical abuse, however, this may not always be the case. In the majority of cases, financial abuse is perpetrated by one spouse towards the other, however, it may also occur between children and elderly parents, parents to adult children or other familial relationships.

Once you know the signs, there are ways to get help and regain your independence.

Signs of a financially abusive person

A person can be financially abusive in many different ways. Some signs of financial abuse are when a person:

Controls your access to money

  • restricts your access to bank accounts, credit cards or cash
  • makes you ask permission to spend your own money
  • denies you access to the internet, phone or transport to prevent you from working or studying
  • refuses to contribute to shared costs or child support
  • refuses to provide you with enough money for living expenses or for costs related to raising children
  • controls access to employment or makes you feel guilty about it
  • controls access to study or makes you feel guilty about it

Uses your money without your knowledge or consent

  • forges your signature on cheques
  • withdraws or transfers large amounts of money from your bank account
  • uses your credit card
  • cancels or hides bank or credit card statements
  • uses bill, rent or mortgage money for something else
  • sells your property

 

Signs legal documents

  • forges your signature on legal documents
  • forces you to sign documents that you don’t understand
  • takes out loans, credit cards or debts in your name without your permission
  • pressures you to take on a loan or a debt on their behalf
  • forces or pressures you to change your will
  • forces or pressures you to appoint them as your enduring power of attorney
  • doesn’t act in your best interests as your power of attorney

Threatens or punishes you

  • makes you feel guilty if you don’t give them money
  • isolates you — or threatens to — from your family or friends if you don’t give them money
  • hurts or punishes you — or threatens to — if you don’t give them money
  • makes you feel stupid or that you can’t be trusted with money
  • questions or punishes your spending

Getting help and support for financial abuse

If you or someone you know is experiencing financial abuse, free and confidential help is available.

If you need legal help or advice, there is free legal advice available

If you’re in crisis or struggling to make ends meet, find out how to get urgent help with money.

Contact one of these organisations for free and confidential support.

Help for families affected by relationship or separation issues 

Family Relationship Advice Line

  • 1800 050 32
  • 8am-8pm, Monday to Friday
  • 10am-4pm, Saturday

Crisis Support

Lifeline

  • 13 11 14, 24 hrs

Family violence, abuse and sexual assault counselling

1800RESPECT

  • 1800 737 732, 24 hours

Help if you’re struggling with debt

National Debt Helpline

  • 1800 007 007
  • 9.30am to 4.30pm, Monday to Friday

Family counselling, mediation and dispute resolution services

Relationships Australia

  • 1300 364 277

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All information is general and does not take account of your personal objectives, financial situation or needs. Before deciding whether a particular product is appropriate for you, please read the relevant Product Disclosure Statement, Target Market Determination and Financial Services Guide available at vervesuper.com.au, and consider speaking with a financial adviser.

Published by Verve Superannuation Pty Ltd ABN 65 628 675 169 AFS Representative No. 001268903, a Corporate Authorised Representative of True Oak Investments Ltd ABN 81 002 558 956 AFSL 238184, as the Promoter of Verve Super, a division of the Future Super Fund ABN 45 960 194 277 RSE Registration No R1072914 (the Fund). The trustee of the Fund is Equity Trustees Superannuation Limited ABN 50 055 641 757 AFSL 229757 RSE Licence L0001458. October 2024

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