Financial Abuse

What is financial abuse

Financial abuse can take many forms, and it's important to recognize its impact. This may include situations where someone takes away your access to money, manipulates your financial decisions, or uses your money without your consent.

Financial abuse is a serious type of family and domestic violence. Those who engage in coercive control may incorporate financial abuse as part of their behaviour. This type of abuse can occur at any stage of a relationship and may coexist with other forms of violence, such as physical, sexual, and emotional abuse.

Experiencing financial abuse can leave you feeling vulnerable, isolated, and struggling with feelings of depression and anxiety. It's crucial to understand that you are not alone, and there are resources available to help you navigate through this challenging experience.

A ‘financial abuser’ can be someone a member hardly knows or someone they have known for many years. They could be family members, friends, acquaintances or strangers who befriend customers. They may also be professionals or caregivers employed to help members.

What is elder financial abuse

Elder financial abuse is a deeply concerning issue that arises when someone in a position of trust exploits their role, resulting in financial harm to an older adult. This type of abuse can manifest in various ways and can impact any older individual.

The consequences extend far beyond financial loss; elder financial abuse can severely limit an older person's access to safe housing, adequate nutrition, and essential medical care. Additionally, it can lead to profound emotional effects, such as anxiety and depression, which can significantly affect their overall well-being.

It's important to recognize that elder financial abuse is a specific form of elder abuse, which encompasses a range of other harmful behaviours, including physical, emotional, and sexual abuse.

Some of the signs of elder financial abuse

It might involve someone:

• applying pressure, threats or intimidation
• misusing or stealing your money, possessions or assets
• pressuring you to make, change or sign legal documents
• failing to deliver promised care

Family and Domestic Violence

Family and domestic violence is a deeply concerning community issue that calls for the compassionate and unified efforts of government, communities, and the corporate sector, including banks.

This form of violence includes not only physical and sexual harm but also threatening and coercive behaviour, alongside emotional, psychological, and financial abuse. It can impact anyone, regardless of their relationship type, often leading to feelings of uncertainty and fear.

By recognizing these issues, we are here to support your safe access to banking and can connect you with local or national support services tailored to your circumstances.

Where to go for more information and support

Below is information on the available support services: