Breaking the Chains of Financial Abuse—Why This Issue Demands Our Attention

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October is Domestic Violence Awareness Month,

a time to shine a light on an often hidden and insidious form of abuse: financial abuse. While physical abuse tends to grab headlines, financial abuse lurks in the shadows, silently trapping victims in dangerous relationships.

Financial abuse is a deliberate tactic used by abusers to gain control and power over their victims. It's estimated that 99% of domestic violence cases also involve financial abuse.¹ This abuse takes many forms—restricting access to bank accounts, sabotaging employment or education opportunities, accumulating debt in the victim's name, and ruining credit scores. It's a calculated strategy to keep victims financially dependent and unable to escape.

Why is this so important?

• A Public Health Crisis: Domestic violence is our nation's number one public health issue, according to the CDC.² It's a pervasive problem that affects millions of women across the country.
• Staggering Statistics: One in four women will experience domestic violence in her lifetime.³ This isn't just a statistic—it's our mothers, sisters, daughters, friends, and colleagues.
• Financial Barriers to Escape: Many women stay in abusive relationships because they lack the financial means to leave. 74% of survivors report staying longer due to economic concerns.⁴ The fear of homelessness, hunger, or losing custody of their children is a powerful deterrent exploited by abusers.

The consequences of financial abuse are profound and long-lasting. Victims may suffer from increased stress, anxiety, and depression as they grapple with the loss of financial independence. The lack of access to resources hinders their ability to secure safe housing, find employment, or pursue education—trapping them in a cycle of abuse.

Children are deeply affected too. Growing up in households where financial abuse is present can lead to psychological trauma and perpetuate a cycle of poverty and abuse that spans generations.

Why is this so important?

By raising awareness about financial abuse, we empower victims to recognize the signs and seek help. Education is crucial—not just for potential victims, but for all of us. We need to talk about this issue openly, support those affected, and advocate for change.

What can we do?

• Spread the Word: Share information about financial abuse with friends, family, and colleagues. The more people who understand the issue, the better equipped we are to combat it.
• Support Victims: Listen without judgment, offer assistance, and connect them with resources.
• Advocate for Change: Support policies and organizations that work to prevent domestic violence and assist survivors.

What can we do?

By shining a light on financial abuse, we can break the chains that bind victims to their abusers and help them reclaim their lives.

Stay tuned for our next post, where we'll discuss the red flags of financial abuse and how to recognize them.

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^{1 Forbes - Financial Abuse is Domestic Violence, Patricia Fersch (July 21, 2022)
2 Pennsylvania Coalition Against Domestic Violence - Financial Abuse (2022)
3 Arizona Coalition to End Sexual and Domestic Violence - 31 Facts for Domestic Violence Awareness Month (October 2021)
4 Allstate Foundation - Financial Abuse Facts (2022)}