Financial coercion - what is it and where can I find help?
Financial coercion, also known as financial abuse, can be difficult to understand and recognise when it is taking place. So what is financial coercion, how can you spot the signs of it, and what can you do if you think it affects you?
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Financial coercion, also known as financial abuse, sounds very serious – and it is. But it can also be difficult to understand and recognise when it is taking place. So what is financial coercion, how can you spot the signs of it, and what can you do if you think it affects you?
What is financial coercion?
Financial coercion is when someone else has power over you by controlling your finances. It is considered a form of domestic abuse and is sometimes recognised by the police as coercive or controlling behaviour, which is also a criminal offence.
A common form of financial coercion when someone, such as a partner or other family member, has control of your bank account, preventing or limiting access to your income. It could also involve someone preventing you from working altogether, or from controlling other areas of finance such as your pensions, benefits, trusts or assets. This can leave you feeling trapped and isolated, unable to live your life as you would like but lacking the financial access to take control.
Financial coercion can occur in a variety of ways and can happen at any age, to people of any circumstance and can be perpetrated by partners, family members and other people with close access to you such as carers.
What are the signs of financial coercion?
As with other forms of abuse, financial coercion is not always easy to recognise and there are number of ways this can take place. Examples of financial coercion can include when someone:
- forces you to withdraw money or get credit for them in your name
- requests you give them money for a specific purpose, like to pay for shopping or bills, but then uses it for something else
- prevents you from accessing your bank, loan or credit card accounts
- forces you to add their name to your accounts, or changes your login details so you can no longer access them
- uses your account to pay for bill or expenses that aren’t yours
- controls what you can or can’t spend money on, or asks you to prove what you have been spending your money on
- pressures you to make changes to your will or other financial plans
- cashes in your pension without your permission
- pressures you to change your pension or insurance arrangements, or how your you receive your benefits
Whatever the specifics, if you are being made to feel uncomfortable about the way someone else is acting with your money, this may be financial coercion.
If you want more information on financial coercion, including access to support and advice, click here.
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