Financial abuse occurs when one person takes control over another person's ability to acquire, use and maintain financial resources. It can take various forms such as denying access to funds, hiding money, or controlling economic opportunities. This article explores the concept of financial abuse and its different manifestations.
Financial abuse occurs when one person takes control over another person's ability to acquire, use and maintain financial resources. An example is being denied access to your own funds or being forced to deposit your salary into a joint bank account but not having access to the account. It could also take place when large withdrawals are made from joint bank accounts without any explanation.
According to a South African non-profit company, financial abuse can vary and change shape or form but happens when access to economic opportunities is controlled or limited by an intimate partner. This can happen when your partner withholds financial information or hides money from you. Another example is when your partner refuses to allow you to work, thereby controlling your ability to earn an income. Or being coerced into paying for most of the household expenses when you earn less than your partner. Alternatively, it can happen when the abuser racks up debt on a credit card, knowing the card is not in their name. The organization identifies financial abuse as a criminal act
Financial Abuse Control Economic Opportunities Intimate Partner Criminal Act
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