Financial abuse is when one person in the relationship (usually men) controls their partner’s spending and how they use money for their own personal gains.
Janine Horn, financial adviser, Momentum said that although financial abuse does not harm a person’s body it should not be overlooked because many women are forced into a financial prison by their partners.
“It is unfortunate that financial abuse is normalised and is often silent,” Horn said.
“Many people do not even know what financial abuse is. In fact, often both the victim and perpetrator do not even realise this abuse is taking place.”
Charnel Collins, CEO National Debt Advisors (NDA), said that physical, emotional, sexual and even verbal abuse are the most common forms of abuse but it is equally important to recognise the effect of financial abuse on women.
According to Collins, the woman is typically the primary breadwinner in the household and her partner wants to be in control of the finances.
“Financial abuse is called a hidden form of abuse because partners themselves do not realise it is a form of abuse,” Collins said.
Horn shares the five red flags that you may be a financially abusive relationship:
– Loans are taken out in your name and you have to make the loan repayments or the loan repayments are not being made according to the agreement with your partner
– An account is opened in your name by your partner and that account is controlled by your partner
– Your partner pushes or forces you to leave your job so you can be financially dependent on your partner
– Your partner forces you to turn over your salary or any income to them
– You are often carry the financial responsibilities of the household even though you and your partner are both earning incomes.
If you are in a financially abusive relationship there are ways that you can gain control of your life again.
Collins shares tips to help women cope with and get out out of a relationship that is financially abusive:
– Start collecting all of the physical and electronic documents for any credit agreement that is in your name
– Ensure that the contact details such as your cellphone number or email address on any agreement are yours and that correspondence will be delivered directly to you
– Get your credit report so you know what your debt exposure and credit-worthiness looks like. It is important to note that you are allowed to get to one free credit report, from every credit bureau, once a year
– Improve your financial literacy and empower yourself by visiting sites that offer information about how to handle your finances
– You are not alone in this situation, find someone who you can trust and talk to.
Seugnette van Wyngaard, head of 1st for Women Insurance, said the management of finances for women can be daunting but that should not be an excuse for handing over complete control to your partner.
“Independent access and control over your money should never be compromised,” Van Wyngaard said.
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