The Larger “World” of Financial Exploitation

Becky and I write often on the subject of elder financial abuse and the growing attention by financial institutions being paid to exploitation of older persons.  But, recently a colleague from the UK sent me a link to an article that is a dramatic reminder of the larger world of financial abuse as a form of domestic violence.   

From The Guardian, reporting on a survey and campaign by Co-op Bank and the charity Refuge:

Almost one in five UK adults have suffered control or exploitation of their finances by a partner, according to a report published to launch a campaign against “financial abuse.”

 

A survey of more than 4,000 people found that 18% had been a victim of financial abuse in a current or former relationship, and that a third of those affected had never told anyone what was happening. Half of the victims said a partner had made significant financial decisions without consulting them, or forced them to ask permission to spend or show evidence of having done so.

 

Six in 10 of those reporting abuse were female, although victims spanned all gender, age and income groups. For women reporting experience of the problem, the abuse tended to start at key life stages: 71% said it was when they moved in with a partner, 75% said it was when they got married, and 30% when they had children. Among men the figures were 28%, 25% and 30% respectively.

The good news, reported in the article linked above, is that banks are developing codes of practice to create more consistence lines of response for suspected abuse and to “develop awareness-raising materials for customers and train staff to respond appropriately.”