Financial abuse happens when someone controls your money, stops you from being financially independent or prevents you from earning your own income. It’s a pattern of behaviour where one person tries to control another person’s access to and use of finances.
Often occurring between partners, financial abuse is a form of family violence. It can happen alongside other forms of abuse, like physical or emotional abuse, but it can also occur on its own.
Sometimes, financially abusive behaviours can seem subtle at first, like a partner trying to be helpful by taking over the finances. However, these actions can really be about gaining control over your access to money.
Financial abuse can start at any point in a relationship and can even continue after you’ve separated, through things like property settlements and child support.
Financial abuse can have a really big impact on your life, both emotionally and financially. It’s important to remember that it’s not your fault. Everyone has the right to control their own money, no matter their relationship status.
Remember, it’s okay to ask for help if you or someone you know might be experiencing financial abuse. There are a range of wellbeing services at La Trobe that are there to help.
Examples of financial abuse
Controlling your money:
- Taking over all the household income and giving you a set amount of money (‘allowance’)
- Deciding how all the household money is spent
- Pressuring or forcing you to claim Centrelink or other social security payments
- Making you be the guarantor for a loan or take out a loan in your name
- Forcing you to get another credit card
- Making you work in a family business without getting paid
- Making false insurance claims
Stopping you from earning:
- Not allowing you to get a job or go to work
- Preventing you from going to work, University, or events by keeping you up all night or physically hurting you.
- Stopping you from studying or attending classes
Limiting your access to money:
- Not letting you have access to bank accounts
- Denying you money for basic things like food or medicine
- Destroying, damaging, or stealing your belongings
- Building up debt on shared accounts or joint credit cards without your agreement or knowledge
- Not providing financial support like child support payments
- Refusing to work or contribute any money to the household
- Gambling away your money or shared money
Warning signs of financial abuse
- Your partner wants to combine finances very early on
- They pressure you to open a joint bank account or get another credit card
- They want you to be the guarantor for a loan you don’t really understand
- They get angry or upset when you try to talk about money, making you scared to bring it up
- They do things that stop you from going to work or university
- They want you to quit your job or studies
- They stalk or harass you, your colleagues or your classmates
- They sign your name on financial documents without your permission
Ask for help
If you think you might be in a financially abusive relationship, it’s a good idea to look for help and support. Talking to someone you trust is a good first step, whether that’s a friend or family member or a professional like a counsellor, financial counsellor or psychologist.
As a La Trobe student, you can access free, confidential counselling and financial counselling services. This is a safe place to talk about what you’re experiencing and get support. If you’re not sure what support is right for you, you can also book in with Student Wellbeing Connect to learn what internal and external resources are available.
Other resources
- 1800 RESPECT: This is a national 24/7 helpline for women experiencing family violence or sexual assault, who you can call on 1800 737 732.
- Safe Steps Family Violence Response Centre: Based in Victoria, Safe Steps provides specialist support for women, children and young people experiencing family violence. They offer a 24/7 crisis line on 1800 015 188.
- Relationships Australia (Victoria): Relationships Australia offers relationship support services for individuals and families in locations across Victoria.
- Financial counsellors: These qualified professionals offer free, independent and confidential support to people in financial difficulty.
Take care of yourself
Dealing with financial abuse is really tough, so try to remember to take some time out to do things you enjoy. It might seem like it’s not a priority, but taking care of yourself can really help when you’re coping with something serious like financial abuse.
You are not alone. Help is available.