What is economic / financial abuse? What is the percentage and country most women involved in economic abuse?

Introduction

Are you aware you are being financially abused?

How would you know?

What is financial abuse?

What are forms of financial abuse?

*We will in next article cover how to protect yourself from financial abuse *

Let’s carefully analyze.

Economic abuse is a legally recognized form of domestic abuse that involves controlling a person’s ability to acquire, use, and maintain economic resources. It often occurs alongside other forms of intimate partner violence and can have long-lasting effects on a victim’s financial stability and overall well-being. This abuse occurs in both sexes with major percentage holder being women globally in some nations 76 -99 %

Why does Economic abuse occur?

Societal and Cultural Factors

Gender inequality

Traditional gender roles and stereotypes that position men as providers and women in subordinate positions contribute to economic abuse.

Patriarchal structures

Societies with deeply rooted patriarchal norms often enable men to exert control over women’s economic resources.

Cultural acceptance

In some cultures, economic abuse may not be recognized as a form of violence, making it more prevalent and difficult to address.

Economic Factors

Poverty and economic stress

Economic hardship can increase the likelihood of men perpetrating violence against female partners.

Income disparities

The gender pay gap and women’s disproportionate representation in part-time work create economic vulnerabilities that abusers can exploit.

Unemployment

Research has shown that an abuser’s lack of employment is a significant risk factor for intimate partner homicide.

Systemic Issues

Lack of legal recognition

In some countries, economic abuse is not fully recognized as a form of domestic violence, making it challenging to address through legal means.

Inadequate social support

Limited access to affordable housing, childcare, and public transportation can exacerbate economic abuse.

Weak governance and corruption

In countries like Ukraine and Colombia, systemic issues such as corruption and poor governance contribute to economic instability, which can fuel abusive behaviors.

Individual Factors

Desire for control

Abusers often use economic tactics to maintain power and control over their partners.

Substance abuse

The use of drugs or alcohol by perpetrators can lead to the misuse of household funds and economic exploitation.

Lack of financial literacy

Some victims may be more vulnerable to economic abuse due to limited knowledge about financial management

Economic abuse typically manifests in three main forms

Economic control

Restricting access to bank accounts, credit cards, and shared assets.

Economic exploitation

Stealing from a partner, gambling with joint money, or opening credit lines without permission.

Employment sabotage

Interfering with a partner’s ability to work or maintain employment.

Financial abusers employ a variety of tactics

The most common tactics include:

Economic Control

Restricting access to funds: Withholding money, giving “an allowance,” or denying access to bank accounts

Monitoring spending: Closely tracking all expenses and demanding justifications for purchases

Controlling financial decisions: Not including the victim in investment or banking decisions

Withholding financial information: Hiding or lying about joint assets and household finances

Economic Exploitation

Stealing or misusing resources

Taking the victim’s money, property, or using their credit cards without permission

Coerced debt

Forcing the victim to take out loans, credit cards, or sign financial documents

Running up debt

Accumulating large amounts of debt on joint accounts

Refusing to contribute

Not paying bills or contributing to household expenses

Economic Sabotage

Interfering with employment

Preventing the victim from working, sabotaging job opportunities, or causing them to lose their job

Damaging property

Destroying the victim’s belongings or shared assets

Sabotaging credit

Intentionally damaging the victim’s credit score

Coercion and Threats

Using intimidation

Making threats to maintain control over finances

Exploiting vulnerabilities

Taking advantage of language barriers or disabilities to control finances

Percentage of women involved in economic abuse

In the UK, approximately 1 in 5 women (equivalent to 5.5 million women) have experienced some form of economic abuse in the past year.

In New Zealand, about 15% or 1 in 7 women who have been in a relationship have experienced economic abuse.

Among service-seeking samples, the prevalence of economic abuse ranges from 76% to 99%.

Highest women abuse

Georgia

The country with the highest percentage of women involved in economic abuse, based on the provided data, appears to be Georgia. According to the risk of economic violence measure

Georgia shows a 47.16% overall risk, with 53.94% for women and 35.25% for men.

Additionally, Georgia reports 78.6% of women experiencing economic abuse related to household expenses.

several countries show high rates of economic abuse against women

Colombia

Overall risk of economic violence: 36.08%

Risk for women: 38.96%

Bulgaria

Overall risk of economic violence: 32.28%

Risk for women: 32.23%

Ukraine:

While specific percentages are not provided, Ukraine incurred the highest relative economic cost of violence in 2022, at 63% of GDP

United Kingdom

Approximately 1 in 5 women (equivalent to 5.5 million women) have experienced some form of economic abuse in the past year

New Zealand

About 15% or 1 in 7 women who have been in a relationship have experienced economic abuse

Conclusion

The global economic impact of violence (which includes financial abuse) amounted to $14.4 trillion PPP in 2019, equivalent to 10.5% of global GDP, or $1,895 per person.

In the United States, elderly Americans lose nearly $36.5 billion every year due to financial abuse.

It’s important to note that prevalence rates can vary depending on the study methodology, sample, and definition of economic abuse used. The data suggests that economic abuse is a widespread issue affecting women in many countries, with particularly high rates observed in Georgia.