Financial abuse is a form of domestic violence which impacts one in six Australian women.
The Zahra Foundation Australia is a not-for-profit that lights a path forward for women impacted by domestic and family violence, including financial abuse.
For over 15 years, its CEO Kelly-ann Tansley has been a leading advocate for women escaping domestic abuse. The foundation has helped countless victims-survivors overcome financial abuse and build a path toward a brighter future.
What is financial abuse
Financial abuse involves an abuser controlling a victim’s access to money and resources, and can be an early warning sign of broader domestic violence.
“The tactics of domestic and family violence will change depending on the victim’s vulnerabilities, but women are often more susceptible to financial abuse due to existing economic inequalities,” Kelly-ann explains.
Financial abuse can take many forms, including abusers limiting victims’ access to money, interfering with their ability to work, or using their assets without permission.
“It’s not unusual for women to be given an allowance to spend on essential items, and if they’re not able to detail every dollar spent with a receipt, they can find themselves in a situation where an act of physical violence is perpetrated towards them,” she says.
The lack of access to funds trap victims in a cycle of dependence, making it difficult to escape the abusive relationship.
Signs of financial abuse
Financial abuse is often hidden, but here are some signs of financial abuse according to the Zahra Foundation:
- One person controls all household income. They only give the other person an allowance.
- Withholding funds needed for basic necessities like food or medicine.
- Damaging, destroying, or stealing property.
- Accumulating debt on shared accounts or joint credit cards.
- Neglecting to pay child support.
- Deciding how all money is spent in the household.
- Pressuring someone to lie to government agencies like Centrelink.
- Forcing someone to guarantee loans or take out loans in their name.
- Persuading someone to increase credit limits.
- Taking out joint loans, finance or credit without permission.
- Not paying someone for working in a family business.
- Making fraudulent insurance claims.
- Signing financial documents using someone else’s name.
- Taking money from someone’s pension or superannuation without permission.
- Selling someone’s belongings without their permission.
- Pressuring someone to change their Will.
- Withdrawing money from joint accounts without agreement.
- Selling shared property without permission.
- Preventing someone from getting a job or attending work.
- Sabotaging someone’s ability to attend important meetings or work.
- Blocking someone from getting education or training.
- Harassing a person’s colleagues or workplace.
- Denying access to bank accounts.
- Failing to contribute to household expenses despite financial means.
- Gambling with someone else’s money or shared funds.
- Withholding information about income from another person.
- Household bills like electricity and gas forced in someone else’s name only.
The Zahra Foundation’s impact
The Zahra Foundation provides essential support to women experiencing financial abuse. Through education and empowerment programs, the Foundation helps women recognise financial abuse and equips them with strategies to regain financial independence.
They connect victims with specialist financial counsellors who offer guidance and support to navigate financial challenges stemming from abuse. Additionally, the Foundation offers financial assistance to help women access critical services and rebuild their lives.
For corporate partners, Zahra Foundation offers services to support both customers and staff. Through a referral partnership, corporations can connect individuals to confidential services, helping them establish escape funds to leave abusive relationships, manage any lingering debt from financial abuse, and build essential financial literacy skills. This support empowers survivors not only to escape domestic and family violence but also to move forward and thrive.
If you need support or want to find out more about important work of the Zahra Foundation, visit zahrafoundation.org.au
The role of customer-owned banks
Customer-owned banks have a long history of championing financial inclusion and have a deep commitment to the people and communities they serve. That’s why mutual banks and credit unions are stepping up when it comes to financial abuse. To date, 12 customer-owned banks have updated their T&Cs to state that they don’t want their products to be weaponised in the context of domestic and family violence, and that there will be consequences for those who misuse their products.
You can read more about what customer-owned banks are doing to disrupt financial abuse and support victims in this article.