FINANCIAL ABUSE; How your Lovedones Surpress Financial Independence
Financial abuse is the least addressed type of domestic violence. According to the National Coalition Against Domestic Violence; financial abuse occurs between intimate couples and relatives.
Abusers restrict finances and use manipulation to emotionally abuse their partners.
Financial abuse takes 3 forms;
- Employment-related abuse
- A coerced debt
- Limited or no access to mutual funds.
1. Employment-related abuse.
In the early 20th century, African women did not work outside the home. Culturally, women took care of children and performed house chores. Women fully depended on men financially.
Given this, most African states still have this patriarchal model. Some men prefer housewives and they believe they can provide fully for the households. The problem comes in once their spouses try to get into formal employment to gain financial independence only to be met with a rebuttal.
Employment-related financial abuse occurs when;
- A partner is forbidden to work and earn. In extreme cases, abusers lock partners in the house, write letters to their spouse employers to get them fired, hide car keys or any tool to deliberately get their partners in bad books with their employers and get their partners fired.
- Employment opportunities are sabotaged.
- Victims are harassed prior to important meetings or interviews to make them lose the opportunity.
- Abusers forbid their victims from attending job training or advancement opportunities
- Abusers resist the idea of educational advancements for their partners.
2. A coerced debt
Money conversations in very toxic relationships feel like walking on eggshells. Having to ‘scream’ to your partner to refund a debt is more than a red flag.
Stories have been told about partners who have taken loans for their partners. Could be a car loan, business deal, or an investment loan only for their partners to fail to refund them.
A tweep narrated how he took a loan to buy his wife a car, funded her lifestyle, and catered for their house needs. Little did he know his wife earns 2 times as much.
Hiding what you earn from your spouse is breeds mistrust.
Some instances of coerced debts are;
- Running up large amounts of debt on joint accounts
- Hiding assets
- Filing false insurance claims
- Using credit cards without a partner’s consent.
3. Limited or no access to funds
Single-income families may experience this. With the rate of inflation globally, spouses may want to control how all the money is spent. They may demand receipts from purchases or restrict bank accounts. While it may be seeking accountability, it may also be a sign of financial abuse.
Other signs of Financial abuse are;
- Using the victims’ identity for financial transactions
- Threatening a partner to cut them off any funds in any disagreement
- Withholding funds
- Hiding investments/ assets
Financial abuse can at times be difficult to perceive especially since it is a gradual offensive habit that some people manifest. With the many forms of financial abuse noted, it is important to grow this conversation affecting money management.
Financially Fit is dedicated to change the way individuals and families think, feel and act about money. This is why we must counter financial abuse and understand how we can build a society of hope in people’s financial lives.
