One in four women will experience domestic violence at some point in her life, and 99% of victims will also suffer financial abuse. Abusers use financial control, isolation, and intimidation to keep their victims trapped. In fact, financial obstacles and financial dependence are primary reasons that many women stay in abusive relationships, especially if they have children. Almost every aspect of leaving an abusive situation involves money, like filling the car with gas, buying a bus or plane ticket, finding a new place to live, and putting food on the table.
What can you do if this is happening to you? Consider the following steps to help protect your money and financial future.
Unfortunately, we aren’t taught basic financial principles in school, and sadly, many women stay in abusive relationships because of money. You don’t have to be a financial professional to learn how to become financially free, build a savings, learn about basic investment strategies or how to make your money grow. There are many books and online resources that can help you get started.
Frequently, one person in a couple knows everything about the financial picture while the other person is totally in the dark. Even in healthy relationships, it is imperative that both parties know exactly what is going on. This also helps protect you from becoming a victim of financial abuse if things ever take a turn for the worst.
Common signs of financial abuse include: the abuser drains the bank account, denies or limits access to money and information about money, hides assets, demands a detailed accounting of how money is spent, criticizes financial decisions, threatens to withhold money, forces the victim to miss or be late for work, belittles the victim’s work of academic accomplishments.
Many women want to stay quiet and not let others find out about what they are going through. This makes things worse, not better. Women need to come together and speak out because your story and the steps you took to regain your financial footing could be exactly what can help another woman during this difficult time in her life.
Almost every aspect of leaving an abusive situation involves money. Even after they leave, many victims carry the burden of bad credit, judgement liens, bankruptcies and back taxes for years. This is why it is crucial to have an individual financial safety plan in place that can carry you at least six months and help pay bills, rent, food and other expenses.
Our women’s initiative is focused on making financial education and the financial profession more accessible to women, so no woman is left behind. Bringing awareness to domestic violence and financial abuse is part of our outreach to women. We believe that improving financial literacy for women will open more doors and windows. In these videos, you will hear from WealthWave leaders and survivor advocates about the problem and how we can help.
Andrea D. Jenkins shares her story of escaping an abusive relationship and becoming the strong victim advocate and business leader she is today. She also provides a special message in ASL for victims who are hearing impaired.
Listen to insights from Ivette Kuyateh, Victim Advocate & Former Prosecutor, and from Neisha Himes, Founder of G.R.O.W. (Girls Recognizing Our Worth) Foundation.
Neisha Himes delivers a powerful performance inspired by her personal experience and desire to encourage other women.
One year since sharing her story for the first time, Andrea D. Jenkins returns with her stepson DáRion Davis.
Longtime WealthWave® friend, lieutenant Debra Kalish, shares what you can do to escape an abusive situation and how to spot the warning signs.
Leader Gulcan Agee’s parents arranged for her, at fourteen, to marry an older, abusive man and live in Saudi Arabia. She escaped and has made it her life’s mission to end this inhumane practice.
Listen as Raven performs her poem about the only obstacle in the way of her happiness—herself.
To find resources in your area, go to https://www.domesticshelters.org.
To speak with an advocate, call the National Domestic Violence Hotline at 1-800-799-7233.
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