Eight hidden signs of financial abuse in relationships you might be missing | Personal Finance | Finance

Millions of adults fail to recognise the ‘obvious’ warning signs of financial abuse in relationships. A poll of 2,000 people found almost a quarter (24%) wouldn’t consider someone having financial control over their bank accounts as abuse. And 40% don’t think someone not having access to their own passport or ID is a concern. While concealing financial paperwork from somebody wouldn’t raise alarm bells for 42%.

The research was commissioned by AXA UK as part of a campaign to raise awareness of the hidden signs of domestic abuse, including projects with charities Women’s Aid and Smart Works.

TV presenter and campaign spokesperson, Anna Williamson said: “Financial abuse isn’t always obvious, and that’s what makes it so dangerous.

“It can sound like everyday conversations about money – who’s ‘better with the finances’, what’s ‘sensible’ to spend, or why certain decisions are being taken out of your hands.

“Over time, that language can become a way of controlling someone and leaving them feeling trapped. This campaign is about raising awareness of this issue and letting people know that support is available.”

Tara Foley, CEO, AXA UK & Ireland said: “Financial abuse often hides in plain sight, but even some of the most obvious signs can be hard to see.

“That’s why we’re working with Women’s Aid and Smart Works to raise awareness of the signs of financial abuse and offer practical assistance to those who may be experiencing it.

“We want to empower everyone to recognise the signs and help them find the words to seek help when they need it most.”

The study found 19% don’t believe they’d be able to identify whether a friend or family member was being manipulated by a partner. With 68% claiming this type of abuse is hidden most of the time, while 62% think it often happens behind closed doors.

A fiifth of those polled underestimated how common financial abuse is, with the same number believing it only happens in rare or extreme cases.

More than half (52%) don’t believe financial abuse is widely understood by the public as 64% said other types of abuse are more noticeable. And 55% believed people aren’t educated enough on the signs.

But 86% agreed financial abuse can happen to anyone, regardless of their income or status and 78% said it’s as serious as other forms of domestic abuse.

Only three in 10 (29%) said they’d leave a relationship if they experienced financial abuse themselves.

While 23% would tell someone they trust – 49% would likely to go to family first, followed by friends (37%) and help lines (24%).

However, it was found 22% find it difficult to talk to people in their life about forms of abuse, the main reasons being because it’s uncomfortable (55%), awkward (43%) and invasive (32%).

And of those who took part in the study, 15% have experienced financial abuse in their life themselves, according to the OnePoll.com figures.

Tara Foley, from AXA UK & Ireland, added: “We aim to protect what matters most and we have a valuable role to play in supporting our customers when they’re in need.

“That’s why with expert guidance from charities, we have trained our call centre teams to support those who disclose that they are experiencing abuse.

“Education and open dialogue are vital, with research showing there’s a gap in awareness around domestic abuse.

“Greater understanding can help prevent harm and ensure help is reaching those who may be struggling.”

EIGHT SIGNS OF FINANCIAL ABUSE:

1. Someone having financial control over your banking accounts
2. Someone not having access to their passport, ID or information about their right to live in the UK
3. Someone concealing financial paperwork from you
4. Someone ‘over-reacting’ to normal situations such as going out for a meal or planning a holiday
5. Someone removing you from an insurance policy
6. Their partner always calls them at work or turns up unexpectedly
7. Someone wearing ill-fitting or worn-out clothing
8. Someone always uses cash and not card