What to Know About Financial Abuse

Financial abuse, also known as economic abuse, is when someone controls how you handle and spend your money. Oftentimes, it occurs with someone close to you, such as a spouse, caregiver, or family member. 

This can take many different forms and may not always be obvious to the victim.  

Who Can Experience Financial Abuse?

Anyone can become a victim of economic abuse. Victims can include: 

• Parents
• Children
• Spouses
• Partners
• Siblings
• Senior citizens
  

Many cases of financial abuse affect elderly individuals or those with disabilities: When they are reliant on a caregiver to help manage their finances, their money may be handled inappropriately, without their knowledge. 

Examples of Financial Abuse

Financial abuse can appear in different ways. It may look like: 

• A spouse asks their partner to account for every penny they’ve spent, what they spent it on, and why. 
• An adult child asks their parents to borrow money over and over again, without paying them back. 
• A hired caregiver tricks a senior into writing them a check or giving them money they aren’t entitled to. 
• A family member sells another family member’s home, other property, or belongings, and pockets the money for themself. 

These are just a handful of economic abuse examples. Signs of financial abuse to look out for are when one person controls or withholds money from another person. Abusers have various reasons for committing financial abuse. It can be a result of greed, an unhealthy relationship, or financial troubles.