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A tactic used by abusers to control and dominate their victims, financial abuse features in 99% of domestic violence cases. It takes many forms such as restricting access to finances, forced labor, theft, and intentionally ruining credit scores. This strategy traps victims in abusive relationships, perpetuating cycles of abuse and poverty, with long-lasting effects.
Children affected by these situations can also suffer serious developmental setbacks. The intersectionality of financial abuse with physical and emotional abuse further complicates the issue. To combat this, Scouller recommends raising awareness, training professionals, enacting legal reforms, and investing in resources for victims to regain independence. Financial institutions should also provide support. The goal is to empower victims to reclaim their lives.
HowMoneyWorks for Women: Take Control or Lose It, written by Sharon Lechter and Kim Scouller is a resources referenced in the article as a tool for women to learn more about financial education topics specific to women.