What is financial or economic abuse?

Economic abuse is a form of domestic abuse. Financial abuse is similar to economic abuse. It occurs when an abuser restricts a person’s ability to acquire, use and maintain money or other economic resources.

This can include:

• Refusing to let you open a bank account or restricting your access to your bank account
• Controlling how you use your income or benefits
• Having your income paid into their bank account
• Adding their name to your bank account
• Preventing or interfering with your work or education
• Building up debt in your name – for example, taking out a credit card in your name
• Forcing or manipulating you to change your will
• Offering to pay your bills or for your shopping but not actually paying
• Stopping or restricting you using a car or mobile phone
• Stopping or restricting you seeing friends or family members.

Most survivors will also experience other forms of domestic abuse (such as physical or psychological abuse) alongside economic abuse.

What does economic abuse look like?

Economic abuse can take many forms, and include controlling the access and use of money and other resources as well as your ability to gain an income and economic independence. In our ‘Know Economic Abuse’ study, we found that of the survivors we asked:

• 19% were restricted or prevented from accessing money in their bank accounts
• 17% were restricted or prevented from accessing education and employment
• 25% experienced abuse related to spending and credit
• 14% had limited or no control over their own income
• 10% said their partner would not let them work.

Some survivors told us:

“My ex-husband wouldn’t let me buy items for myself or my children that he deemed to be ‘non-essential’.”

“My ex-husband would control all finances. He used it as a power he had over me to control where I went and with who. It was his way of keeping me at home.”

“I wouldn’t be allowed any money. I always had to ask for it. Then I would have to provide receipts showing exactly what I bought and if it wasn’t what I said I’d bought I’d be in trouble.”

Learn more about how to spot the signs of economic abuse and the support available.

Who can be an abuser?

Economic abuse is mainly carried out by partners or ex-partners but it can also be by carers and family members.

When does economic abuse happen?

Our latest study with Refuge found that survivors of economic abuse said that the abuse often started following key life events, including:

• 18% said it started when they got into a relationship with a new partner
• 16% said it started when they moved in with their partner
• 12% said it started when they got married
• 8% said it started when they first got a joint bank account with their partner
• 6% said it started after they split up with their partner.

Unlike other forms of domestic abuse, economic abuse is also common after partners have split it, because it doesn’t require survivors and abusers to be physically close. We also found that a quarter (25%) of survivors said they experienced economic abuse while they were with their partner and it continued after they broke up.

Survivors are often left with debts, bad credit ratings, limited financial options and poor mental health for many years. These impacts can make it difficult for those experiencing economic abuse to leave the perpetrator. Read more about the long-term financial impact of economic abuse.

Find out more about joint accounts, including the impact and responsibilities of each account holder.

How is economic abuse changing?

According to our research, economic abuse became more common during the coronavirus pandemic. 1.6 million people (about 3% of the UK’s total population) first experienced economic abuse during this period. For more than one in three (35%) of those, this was as a result of a decrease in pay during the lockdown.

More people are now using online banking than ever before, and this could also be changing how economic abuse is happening. We set up the online banking commission to look into the effects of online and digital banking on survivors of economic abuse, and we will publish recommendations for how the banking industry can change to help.

You can read the full findings of our report.

What should I do if I think I have experienced economic abuse?

You can read more about the help and support available from:

• The domestic abuse charity Refuge
• Other domestic abuse specialists
• UK Finance’s 'It's your money' consumer information leaflet (PDF).
• Use our online form to let us know a safe time to get in touch with you.

Know economic abuse.

We have again partnered with Refuge to conduct a new study into the extent of economic abuse in the UK in 2020 with our ‘Know Economic Abuse’ campaign.

Read the findings

What can I do?

If you have experienced economic abuse, or if you are unsure but want to find out more, we want you to know we are here for you and have a range of support and resources available.

Find out more