Thu. May 23rd, 2024

The Tyranny of Money: How to Recognize and Stop Financial Violence

Natasha Kumar By Natasha Kumar May14,2024

The tyranny of money: how to recognize and stop financial violence

Illustrative photo/unsplash

Financial abuse is a form of domestic violence. It can manifest itself in the form of limiting access to money, complete control over the family budget or excluding you from the financial decision-making process.

Financial violence – a tactic used by abusers to increase control over their victim. This form of abuse often prevents victims from ending the relationship because they do not have the financial means to live independently.

It can happen to anyone, at any time, regardless of whether the person is married to their partner for years or just starting a new relationship.

What financial abuse includes:

  • Control of income. Prohibition to work, demand to return all earned money, restriction of access to bank accounts and credit cards.
  • Economic abuse. Using money to punish or humiliate (e.g., denying necessities, intentionally damaging property).
  • Debts. Accumulating debts in the name of the victim without her consent, forcing to bear responsibility for joint debts.
  • Blackmail. The threat of deprivation of financial support if the victim does not do what the abuser wants.

< strong>This can lead to serious psychological problems:

1. Low self-esteem. The victim may begin to feel that they are worthless if they cannot provide for themselves.
2. Anxiety and depression.
Constant stress and fear of financial instability can lead to the development of these disorders.
3. PTSD. In some cases, financial abuse can be so traumatic that it leads to the development of post-traumatic stress disorder.
4. Social isolation. The victim may avoid contact with friends and family to hide what is happening.
If you feel that you don't have the strength to solve the situation yourself, ask for help:

  • A psychologist or psychotherapist will help you understand the situation, cope emotionally with the violence and develop an action plan.
  • A social worker will provide information about available resources and services, such as help with housing, employment and legal advice.
  • A lawyer will help you understand and protect your rights and interests.
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  • Hotlines. 1547 – the government's domestic violence prevention and response hotline. 116 123 – national helpline.

Remember, you are not alone. There are people who can help you. You have the right to a safe and happy life!

Natasha Kumar

By Natasha Kumar

Natasha Kumar has been a reporter on the news desk since 2018. Before that she wrote about young adolescence and family dynamics for Styles and was the legal affairs correspondent for the Metro desk. Before joining The Times Hub, Natasha Kumar worked as a staff writer at the Village Voice and a freelancer for Newsday, The Wall Street Journal, GQ and Mirabella. To get in touch, contact me through my 1-800-268-7116

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