READING THE RED FLAGS

Financial abuse involves controlling a victim's ability to acquire, use, and maintain financial resources. Those who are victimized financially may be prevented from working. While less commonly understood than other forms of abuse, financial abuse is one of the most powerful methods of keeping a victim trapped in an abusive relationship. Research shows that victims often are too concerned about their ability to provide financially for themselves and their children to end the relationship. Financial insecurity is also one of the top reasons women return to an abusive partner.

Signs of Financial Abuse

Overall, financial abuse is very isolating because victims often become financially dependent on their abusers. This financial dependence traps them in the relationship. Without resources, they are unable to see a way out of their situation.Below is an overview of the way financial abuse is perpetrated. Some abusers may use all of these tactics while others may only use one or two. Regardless of whether the abusive person is using one tactic or 10, it's still considered financial abuse. Here are some ways in which people are abused financially. 

Exploiting the Victim's  Resources 

When a dating partner or spouse uses or controls the money one has  earned or saved, they are exploiting the  resources. Controlling or spending the money: This may involve trying to control the use of or access to money one have earned or saved. They may also use the assets for their personal benefit without asking, including taking money or using credit cards without permission. Ruining credit history: They might do this by running up limits and then not paying bills or claiming to make payments or pay bills in victim's name but not following through. Feeling entitled to victim's  money or assets: They might demand the victim to turn over the paycheck, passwords, and credit cards. They might also expect  to pay for their bills or their obligations or require  to bail them out of difficult financial situations​. Interfering with finances: This can involve using offers to help with one's  budget or financial decisions as a cover for gaining control over your finances. They might confiscate the victim's  paycheck or other sources of income, intercept or open bank statements and other financial records, or threaten to lie to officials and claim the victim is  "cheating or misusing benefits."

Interfering With the Victim's  Job 

When a dating partner or spouse attempts to control one's ability to earn money or gain assets, they are interfering with his/her  income potential. Here are some examples of job interference. Criticizing and minimizing job or choice of career. Pressuring  to quit  job—sometimes even using children as an excuse. Telling the victim where he/she  can and cannot work. Sabotaging the victim's work responsibilities. Harassing the victim at work by calling, texting, or stopping by. Preventing the victim  from working by hiding  keys, unhooking car battery, taking car without permission, or offering to babysit and then not showing up. 

Controlling Shared Assets and Resources

When a dating partner or spouse has complete control over the money in the relationship and the victim has  little or no access to what you need, this is controlling the family resources. Here are some examples of controlling shared resources and assets. Criticizing every financial decision the victim makes and requiring  to account for every penny  spent (may even ask for receipts and change). Having a double standard when it comes to their spending (they may spend money on entertainment, dining out, and clothing but criticize the victim  when he/she  make similar purchases) .Making significant financial decisions without the victim's  input, refusing to collaborate on finances, and limiting access to the overall financial picture as a couple. Limiting your access to money by not allowing you to have bank accounts or credit cards, or by withholding financial information such as account passwords, account numbers, and investment information. Hiding or taking funds and putting them in a private account, insisting the victim to  share  income but refusing to share theirs, or refusing to work or contribute to the family income. Controlling the “purse strings,” forcing the victim to ask for money, or establishing unrealistic limits or allowances. Demanding that the victim  ask permission before spending money but not consulting you when they make purchases, and requiring that large, joint purchases be in their name only (such as car loans, mortgages, cell phones, or apartment leases). Becoming enraged over money and then engaging in other forms of abuse like name-calling or physical violence.. Evading or refusing to pay child support and dragging out divorce proceedings to cripple the victim financially.

REFERENCES-

https://www.verywellmind.com/financial-abuse-4155224

~ By Tanvi Meena