Financial abuse is more common than you think – but one in six Brits wouldn’t be able to spot it, according to new research.

This happens when someone – often a partner – has control of your money in some way, whether they monitor your spending or convince you to take out loans in your name for their benefit.

The results can include ruined credit scores for the long-term, as well as a myriad of mental health issues – though the possible outcomes don’t stop here.

Research from credit management company Lowell shows 18% of British adults surveyed have experienced financial abuse in a current or past relationship.

One in five women and one in seven men have been a victim, highlighting it can affect anyone.

They also found people weren’t educated on how to identify it.

Natasha, a campaigner and independent consultant against domestic abuse, says: ‘Financial abuse is a crippling pandemic that has been occurring since time began.

‘Speaking out about financial abuse often brings ridicule and disbelief.

‘Having your bank accounts monitored, keeping receipts to prove the cost of things, and having vital things such as sanitary products or food withheld is abuse.

‘Those are all things I suffered with my ex-husband.

‘I’m over seven years free of his hold now, married to my best friend and yet my credit score is a joke.

‘I have debt from when I was with him because he put my name on the bills, I have debt from fighting him in family court to keep my children safe.’

This type of domestic abuse, where someone has power over your finances, has left Natasha with mental scars.

She adds: ‘I still feel like I need to justify a purchase or explain an expense to my husband who always kindly brushes it aside and reminds me he doesn’t need to know because I’m my own person.

‘The dark cloud of money worries my ex has left me with won’t vanish any time soon, the lasting legacy of financial abuse cripples many survivors’ lives long after they leave, and some even go back because the step into the unknown is scarier than the devil they know.’

Common signs of financial abuse:

This is isn’t exhaustive, but these are the common things to look out for.

• Someone asking to prove where you’re spending money and what on. 
• Someone telling you how you can, and can’t, spend your money.
• Someone adding their name to your account or taking control of your accounts.
• Someone leaving you to pay off debt after making you take out money or getting loans in your name.
• Someone preventing you from accessing your accounts.

Lowell also found that 37% have been a victim of this directly, or know of someone who has.

When it comes to the different forms of financial abuse, this can include someone spending money without telling you, someone deliberately withholding funds to stop you from seeing other family and friends, and an abuser keeping track of every single thing you buy. 

For more information about the signs of domestic abuse and support, you can contact Refuge’s National Abuse Domestic Helpline directly on 0808 2000 247.

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