Hidden cost of domestic financial abuse: working together to improve outcomes


INSIGHT
Published
May 17th '24
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One in six women in the UK has experienced financial abuse in a current or former relationship. Although it is not only women who are affected, over 9 million people, as many as the population of London, have been subject to control, exploitation or sabotage of their money and finances by an intimate partner.

 

It affects all income brackets, sexes and age groups. And it is very often hidden, because of isolation and control by the perpetrator. Given the numbers affected, it’s likely you’ll know a friend, family member or colleague who is experiencing financial abuse, even though you may not be aware of it.

 

Victim-survivors of such abuse are more likely to reach out to family, friends or their bank for help as a first step, before they consider reporting to the police. This means the financial services sector has a vital role to play in spotting the signs and offering support where they suspect financial abuse is happening.

 

Read full article, here.

 

Source: FCA

 

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