How to Recognise Financial Abuse: 7 Red Flags You Shouldn’t Ignore
Financial control and abuse can be subtle. It involves a pattern of controlling, threatening and degrading behaviours related to money. Recognizing these signs early can help you or someone you care about take steps towards freedom and safety. Here’s how to spot the signs:
🚩 1. Restricting Access to Money
If someone is preventing you from accessing your bank accounts, credit cards, or financial documents, it’s a big red flag. Financial abusers often insist on controlling all the money, doling out allowances or making you ask for money for basic needs. This takes away your power and keeps you dependent on them.
🚩 2. Micromanaging Spending
An abuser might meticulously track your spending, question every purchase and demand receipts. This excessive scrutiny can make you feel like you’re under constant surveillance, which can lower your confidence and independence.
🚩 3. Interfering with Work
Financial abusers often sabotage your efforts to find and keep a job. They may pressure you to quit, constantly call, or even show up at your workplace. By undermining your ability to work, they limit your income and increase your dependence on them.
🚩 4. Racking Up Debt in Your Name
A significant sign of financial abuse is when someone takes out loans or opens credit cards in your name without your consent. They might pressure you to sign financial documents. This tactic not only ruins your credit but also ties you to them financially.
🚩 5. Withholding Financial Information
Keeping you in the dark about the household finances is another control tactic. You might not know how much money you have, what bills need paying, or if there’s any debt. Being kept in the dark prevents you from making informed decisions about your future.
🚩 6. Guilt-Tripping and Manipulation
Abusers often use emotional manipulation. They may guilt you into giving them money or spending it in ways you don’t want to. You can end up feeling responsible for their financial stability or well-being.
🚩 7. Isolation
By controlling the money, abusers can isolate you from friends and family. You might be stuck at home, unable to go out, see friends, or even reach out for help because you don’t have the financial means.
💪 Taking Action
Spotting these signs is the first step towards taking back control. If you or someone you know is experiencing financial abuse, reach out to trusted friends, family, or organisations that can provide support.
If you or your children are in immediate danger, dial 999 to call the police. If you can’t talk, dial 999 followed by 55.
If you’re not in immediate danger, here are some links where you can find help and advice:
https://survivingeconomicabuse.org/i-need-help/
https://guide.survivingeconomicabuse.org/
Financial independence is crucial for personal freedom and well-being, and taking steps to take back control of your money is a powerful move towards breaking free from abuse.
Net Worth Isn’t Just for the Rich: Why You Should Be Tracking Yours Too
If you hear net worth and immediately think that’s for rich celebrities, pause right there. Tracking your net worth isn’t just for millionaires – it’s a secret habit of the wealthy that you’ve been missing out on. It’s for anyone who wants to grow their money, no matter where they’re starting. Think about it, we […]
Daily, Weekly, Monthly & Yearly Money Habits to Take Control of Your Finances
So you want to take control of your money but you don’t know where to start? We’ve got you 🤝 If there’s one thing we’re good at, it’s building good money habits that truly ✨transform✨ your life and make managing your money easy. To keep it simple, we’ve broken down what you need to do […]
The Truth About MLMs: Why Pyramid Schemes Target Women and What to Do Instead
From Arbonne, Herbalife to Avon we’ve probably all come across a friend, colleague or family member trying to sell these products to us in one way or another. Every social media channel is flooded with these schemes – it’s hard to get away from them. Forbes describes a Pyramid scheme as “…a scam where a […]
Download the Financielle app now Never be overwhelmed by money again.
