You’ve likely heard the term and may know someone impacted by it. Research commissioned by CommBank indicates that more than 40% of Australian adults have experienced or know someone who has experienced financial abuse. 1
It occurs when money is used to gain control over a partner. According to Angela MacMillan, CommBank group customer advocate, it’s an insidious way to keep someone trapped in an abusive relationship. “Financial abuse often begins in subtle ways and can worsen over time,” says MacMillan. It’s tough to recognise and easy to hide, but we can all help put an end to it, first by understanding what it looks like and then speaking up when we see it.
Spot the signs
There are several telltale signs you can watch out for in friends and family. Someone you care about might be:
- Forced to show receipts and to justify spendingDenied access to their own or joint accounts or credit cards
- Prevented from working or have their hours controlled by a partner
- Refused access to money that they’re earning
- Paid an allowance and show stress about spending it
- Forced to spend all earnings on household expenses while a partner saves
- Withheld information about their financial situation
- Pressured into taking out debts
Make sense of what you see
When you think you’ve noticed some of the signs, it’s helpful to then consider how much agency or choice your friend or family member has over their financial situation. “There are some healthy relationships with a clear delineation around money roles, which could mean one partner handles all utility bills and another has responsibility for the groceries,” says MacMillan. “In those instances, when there’s choice, not coercion, that’s fine.”
The problem is when someone’s choice is taken away and a partner is exerting control over them. “Trust your instincts when you see those red flags,” says MacMillan. “You know when something doesn’t seem right.”
Have a conversation
If you are worried about a loved one, raising it for the first time can be tough – but it’s the right kind of uncomfortable. “One thing that often holds people back is that they’re either unsure about how to start the conversation or they fear they’ll make matters worse,” says MacMillan.
But experts agree: the more we talk about financial abuse with our friends and family, the faster we can help end it altogether. The first thing to do is ask openly and gently about any obvious signs of distress or changes in their behaviour that you’ve noticed. Then really listen.
“Let your friend tell their story in their own words and try not to jump to conclusions on their behalf,” says MacMillan, noting these exchanges might happen many times, as they open up and share their situation with you. Finally, make them aware of the support that’s available.
Getting the right support
CommBank Next Chapter was launched in 2020 as a bank-wide commitment to helping end financial abuse and supporting victim-survivors on the road to long-term financial independence.
If you or anyone you know is experiencing financial abuse, the CommBank Next Chapter team can provide free, confidential support, no matter who you bank with. The team can assess someone’s needs and help them access the right support. This might include opening safe accounts, ordering new cards and removing unauthorised access.
Call 1800 222 387, Monday to Friday, 8am-6pm (Sydney/Melbourne time), excluding public holidays. An interpreter can be arranged if needed. If it’s difficult to chat over the phone, CommBank customers can contact the Next Chapter team through online chat (Ceba) in the CommBank app.
Visit commbank.com.au/nextchapter for more information.