1.2 Types of Financial Abuse

Financial abuse can take many forms, each designed to exert control over the victim. The following are some of the most common types:

Economic Exploitation

Economic exploitation involves the abuser taking control of the victim’s financial resources for their own benefit. This might include:

  • Stealing or Withholding Money: The abuser may steal money from the victim’s bank account, take their paycheck, or withhold money needed for essential expenses.
  • Forcing Debt: The abuser may force the victim to take out loans or credit cards in their name, leading to significant debt that the victim is responsible for repaying.
  • Exploiting Assets: The abuser may sell, pawn, or otherwise exploit the victim’s property, such as cars, homes, or valuable items, without their consent.
Employment Sabotage

An abuser may prevent the victim from gaining or maintaining employment, which can severely limit their financial independence. This can include:

  • Preventing Work: The abuser may stop the victim from working by refusing to allow them to get a job, physically preventing them from going to work, or creating situations that cause them to lose their job (e.g., frequent, unexplained absences).
  • Interfering with Work: The abuser may harass the victim at their workplace, sabotage their work performance, or prevent them from advancing in their career by controlling their access to necessary tools or information.
Controlling Access to Money

This form of abuse involves controlling the victim’s access to their own money or shared financial resources. Examples include:

  • Allowance System: The abuser may give the victim a limited allowance, forcing them to ask for more money when needed, which can be humiliating and disempowering.
  • Monitoring Spending: The abuser might monitor every purchase the victim makes, often criticizing or punishing them for spending money on anything deemed unnecessary.
  • Restricting Access to Bank Accounts: The abuser may deny the victim access to bank accounts, credit cards, or financial statements, keeping them in the dark about their financial situation.
Manipulating Financial Information

Abusers may manipulate or withhold financial information to maintain control over the victim. This can take various forms:

  • Hiding Assets: The abuser may hide assets or income from the victim, making it difficult for them to know their financial standing or plan for the future.
  • Lying About Finances: The abuser may lie about their own or the victim’s financial situation, creating a false sense of security or fear.
  • Forging Signatures: The abuser might forge the victim’s signature on financial documents, such as checks, loan applications, or legal documents, without their knowledge or consent.