WHAT IS FINANCIAL DEPENDENCY?
Financial dependency is when someone is dependent on a person, job or
situation for money
(No Opt-in required, Click to View and Download)
Watch my TED talk on Financial Dependency
Watch my presentation - Financial Abuse - The Invisible Weapon at the Unite in Light - Domestic Violence Conference
In my new book Poor By Choice? Overcome the Lies and Create a New Financial Truth, I share my personal journey and:
-The truth about Financial Dependency and its impact on You and Those Around You
-Simple, yet effective ways to manage your money, so you can take charge of your financial destiny
-The steps you can take to Achieve Your Goals and Dreams
Dependent by Choice
Some people become dependent by handing over their power and participation in making decisions about their money
Dependent by Circumstances
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
1. Become Aware
2. Be informed about Financial Literacy - by learning how to manage your money and to maintain healthy money habits. I always tell my clients and students – You don’t have to be an expert, but you do need to be informed
3. Giving and Getting Support
IF YOU ARE IN CRISIS:
National Domestic Violence Hotline - 800-799-7233
National Network to End Domestic Violence https://nnedv.org/
National Coalition Against Domestic Violence - https://ncadv.org/
Emergency Shelters - https://www.womenshelters.org/
2-1-1 https://www.211.org/ - food, housing, and other essential services
Feeding America - https://www.feedingamerica.org/find-your-local-foodbank
Career One Stop - https://www.careeronestop.org/ - job, training and career resources
The Supporters Toolkit - if you know someone who is in an abusive situation and you don't know how to support them, the Supporters Toolkit can help. https://www.thesupportertoolkit.com/toolkit-welcome-page
Allstate Foundation-Moving Ahead Financial Empowerment Curriculum https://allstatefoundation.org/what-we-do/end-domestic-violence/resources/
American Psychologist Association (APA) locator: https://locator.apa.org/ to find a therapist
Findlaw.com https://www.findlaw.com/ to find an attorney
Womens Law - https://www.womenslaw.org legal services for people of all genders dealing with domestic violence