WHAT IS FINANCIAL DEPENDENCY?
Financial dependency is when someone is dependent on a person, job or situation for money.
Dependent by Choice
Some people become dependent by handing over their power and participation in making decisions about their money
Dependent without a choice
In these situations the person feels trapped because of their financial situation
Financial abuse occurs when someone is in a relationship and another person has power over them because they don’t have access to money, information, resources or a way out.
It can include: control of how the money is spent, restricting access to money, stopping the victim from earning money.
The Allstate Foundation’s domestic violence program (formerly the Purple Purse) calls financial abuse “the Invisible weapon”. Why? According to the Allstate Foundation:
“Physical abuse leaves bruises and scars. Financial abuse is an Invisible Weapon that traps victims in abusive relationships. The number one reason domestic violence survivors stay or return to an abusive relationship is that they don’t have the financial resources to break free. In 99% of domestic violence cases, financial abuse helps keep victims trapped in the abusive relationship”
Women in financial abuse situations are trapped – physically, emotionally, and financially
Physically they can be isolated from family and friends
Financially they are prevented from having access to financial resources – bank accounts, credit cards, transportation.
Emotionally they lack the confidence and belief that they are capable to make it without their abuser.
What you can do about Financial Dependency and Abuse
Get informed about Financial Literacy –There are many free resources online and offered by your local financial institutions and non-profits to help you learn about, establish and maintain healthy money habits.
I always tell my clients – you don’t have to be an expert, but you do need to be informed
Listen -to people that are in financial dependency or abuse situations and offer them support -without judgment or criticism
Ask for support and get help - If you are a victim of Financial Abuse– there are resources out there to help you – ask for help.
The Allstate Foundation - https://allstatefoundation.org
National Coalition Against Domestic Violence- https://nnedv.org/
National Domestic Violence Hotline – 1-800-799-7233
Share Your Experience With Financial Dependency - you never know who you might touch, inspire and help to break free.