Financial abuse rampant in domestic violence
Almost all women in abusive relationships face financial abuse, and concerns over their ability to support themselves and their children financially force them to stay or return to a violent and abusive relationship, according to People's Choice Credit Union.
People's Choice found 98 per cent of women in abusive relationships faced financial abuse, and said an abuser can trap victims by taking full control of their finances.
People's Choice chief executive, Steven Laidlaw, said: "In the short term, access to assets is imperative to staying safe for victims of domestic violence, financial or otherwise. Without assets, victims are often unable to find safe and affordable housing or to provide for themselves and their children".
"In the long term, victims often face damaged credit histories, unstable or sporadic employment and legal issues that make it difficult to gain independence, safety and security," he said.
The comments came as People's Choice said it committed to White Ribbon's Workplace Accreditation Program, and said it was reviewing its policies, procedures, training and communications to enable staff to prevent violence against women.
It also highlighted five signs of financial abuse, including the abuser limiting spending decisions of the victim, restricting their access to funds and imposing allowances, invading their privacy and security, and controlling their income.
AUTHOR
Malavika Santhebennur
Recommended for you
With wealth management M&A appetite only growing stronger, Business Health has outlined the major considerations for buyers and sellers to prevent unintended misalignment between the parties.
Industry body SIAA has said the falling number of financial advisers in Australia is a key issue impacting the attractiveness and investor participation of both public and private markets.
As advisers risk losing two-thirds of FUA during the $3.5 trillion wealth transfer, two co-founders underscore why fostering trust with the next generation is vital to retaining intergenerational wealth.
As advisers seek greater insights into FSCP determinations, what are the various options considered by the panel and can a decision be appealed?
