what is financial abuse

[naomi_w]

Financial abuse, also called economic abuse, takes many forms. One definition from the AllState Foundation Purple Purse is that is “prevents victims from acquiring, using or maintaining financial resources. Financial abuse is just as effective in controlling a victim as a lock and key. Abusers employ isolating tactics such as preventing their spouse or partner from working or accessing a bank, credit card or transportation. They might tightly monitor and restrict their partner’s spending. Victims of financial abuse live a controlled life where they have been purposely put into a position of dependence, making it hard for the victim to break free.”

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[TexasHusker]

Abuse is among the most perverted words in our vocabulary these days. It ranks right up there with:

Judgmental
Tolerant
Open-minded
Bully
Racist
Homophobe
Diversity
Disenfranchised
Deplorable
Fascist
Organic
Green

[colby99]

It most often occurs with a spouse or dependent elderly person.

It can include making sure (usually a wife) spouse does not have access to household money fairly by withholding it from/him. This occurs in a controlling/exploitive relationship. In some cases, it prevents the spouse from being able to save money and leave an abuser.

An example would be having a joint account, but not letting a spouse have access to it. For example,the spouse needs money to buy shoes for fall and the abuser denies letting her/him have access to money. It is controlling money and exploiting power differentials in relationships.

Another example would be “borrowing money” from an elderly family member without their permission or when the elderly person is disabled and can not give permission.