Research shows that 18% of British adults have experienced financial abuse at present or in the past. Of this, one in five women (21%) and one in seven men (15%) have been a victim.
Financial abuse is a type of domestic abuse where someone has power over you and your finances. There are several types of financial abuse. Credit management company Lowell has conducted research to reveal how confident Brits are in spotting the signs of financial abuse.
Lowell asked their Customer Panel about their experience with financial abuse, and found that 37% have been a victim of it directly, or know of someone who has. Over half (51%) of respondents mentioned someone spending money without telling you. Over two-fifths (41%) brought up someone deliberately withholding funds to stop you from seeing other family and friends, and finally, 38% said that their abuser kept track of every single thing they buy.
Lowell also asked Brits how confident they would be in being able to spot the signs of financial abuse. One in six (15%) admitted that they don’t know the signs to look out for. These are some signs to look out for:
* Being asked to prove where you’re spending money and what on * Telling you how you can, and can’t, spend your money * Adding their name to your account or taking control of your accounts * Leaving you to pay off debt after making you take out money or getting loans in your name * Preventing you from accessing your accounts
John Pears, UK CEO at Lowell, adds: “The results from our research on financial abuse are both shocking and deeply upsetting to read. The lasting impact of financial abuse can be devastating, but it’s important to know that if you, or someone, are at risk from suspected financial abuse, you are not alone. There are many specialist organisations who can help.
