Financial abuse can take many forms. This may include when someone takes away your access to money, manipulates your financial decisions, or uses your money without consent.
Financial abuse is a type of family and domestic violence. People who use coercive control may use financial abuse as part of their behaviour. This type of abuse can occur at any stage of a relationship. It may occur alongside other types of violence, such as physical, sexual and emotional abuse. It can leave you feeling vulnerable, isolated, depressed and anxious.
Financial abuse can happen to anyone. The abuser could be your partner, a family member, carer or friend. Financial abuse is never your fault.
Some of the many signs of financial abuse
Financial abuse is often hard to recognise. It can be different depending on your specific circumstances.
It might involve someone:
- restricting your access to bank accounts, credit cards or cash
- pressuring you to ask permission to spend your own money
- using or accessing your money without your consent
- withdrawing or transferring large amounts of money from a joint bank account
- refusing to contribute to shared costs or child support
- misusing a power of attorney and acting against your interests
- pressuring you to sign documents, take on a debt or change your will
- making you feel guilty, foolish or afraid about how you manage your money
- taking your name off accounts without your knowledge or agreement
- using your phone or internet logins to apply for loans or services in your name, without your knowledge or agreement
- taking advantage of the sharing of resources in families and communities
- coercing you into being appointed as co-director or sole director of a company without decision-making power or access to financial information
- controlling or limiting your ability to work and earn income, or get support
How your customer-owned bank can help
If you believe you are experiencing financial abuse, your customer-owned bank can provide various forms of assistance to help secure your finances.
For example:
- They can look into suspicious activity by investigating any transactions that you did not personally authorise.
- To further protect your privacy and access, they can assist you in updating your online banking credentials, contact information, and account PINs.
- Additionally, your bank can help you set up entirely new accounts or facilitate other banking services to ensure you have a safe and independent way to manage your money.
Customer-owned banks are committed to taking extra care with customers experiencing vulnerability including financial abuse, family and/or domestic violence, and elder abuse – you can read more about our sector’s commitments in the Customer Owned Banking Code of Practice.
Many customer-owned banks have also changed their terms and conditions to make it clear that their products and services are not to be weaponised or used for financial abuse.
Get free legal advice
If you have incurred debts as a result of financial abuse, you may wish to seek legal help or advice. For example, you may have been coerced into a debt or not have known about a debt.
Call the National Debt Helpline on 1800 007 007 for help to obtain free independent counselling.
Other options for support
For free and confidential 24-hour counselling and support, call 1800RESPECT on 1800 737 732 or visit 1800RESPECT.org.au. It provides counselling and support to anyone experiencing family and domestic violence and financial abuse.
This article includes information sourced from Moneysmart, an initiative of the Australian Securities and Investments Commission (ASIC) that offers a wide range of financial support and tools for Australians.