Podcast ¦ Debt Talk: Debt Talk Financial Abuse & Our Communities

Key Take Aways

1. Economic abuse is a highly prevalent form of domestic abuse experienced by 95% of victims and survivors, significantly affecting financial autonomy and security.
2. It involves controlling access to money, sabotaging credit scores, restricting access to essentials like housing, education, and technology, thereby fostering financial dependence.
3. Economic abuse often persists beyond physical separation, with abusers continuing control through debt manipulation and financial sabotage.
4. The problem has a disproportionate impact on marginalised groups, with racially minoritised women and disabled women twice as likely to experience economic abuse.
5. Digital innovations are both tools for empowerment and weaponisation in economic abuse, with perpetrators exploiting banking apps, spyware, and digital payments.
6. There is a critical gap in public and professional awareness; frontline workers frequently fail to recognise economic abuse due to its often coexistence with other abuse forms.
7. Financial institutions are pivotal frontline actors; proactive identification and responsive protocols can prevent exploitation and aid victims.
8. Co-designing preventative interventions with those impacted enhances system resilience, exemplified by collaborative efforts between survivors and banking professionals.
9. Recommendations include implementing account verification, safe disclosure mechanisms, and protections around joint financial products, especially mortgages.
10. Statutory bodies like police and courts need to incorporate recognising economic abuse into safeguarding and legal processes, notably through improved evidence handling.
11. Support services highlight the importance of multi-agency approaches, prioritising survivor safety before addressing debt or financial issues.
12. Cultural understanding and community-specific barriers must be addressing in delivering effective support, recognising the role of religious and cultural norms influencing help-seeking behaviour.

Key Statistics

• 95% of domestic abuse cases involve some form of economic abuse.
• One in four women and one in seven men will experience domestic abuse in their lifetime.
• National survey: one in seven women (approx. 4.1 million) experienced economic abuse in the past 12 months.
• Racially minoritised and disabled women are over twice as likely to experience economic abuse as their white and non-disabled counterparts.
• 25 UK banks now accept evidence of economic abuse for support.

Key Discussion Points

• The multifaceted nature of economic abuse and its role in exerting control within domestic environments.
• How economic abuse leads to long-term impoverishment and legal entrapment, complicating recovery.
• The increasing sophistication of technology-facilitated economic abuse and the risks posed by digital banking tools.
• The intersection of rising living costs with economic abuse, further tightening the perpetrator’s control.
• The vital role of banks, legal systems, and support agencies in recognising and responding to economic abuse.
• The necessity of a coordinated, multi-sectoral response to identify, prevent, and support victims of economic abuse.
• How design in banking systems can be improved through co-creation with victim survivors to prevent exploitation.
• Initiatives such as industry-wide call for help buttons and verification protocols to protect victims.
• The importance of community and cultural context, especially within close-knit or traditional settings, when delivering support.
• Challenges faced by immigrant women reliant on abusers due to visa status, which magnifies their vulnerability.
• The psychological and material barriers faced by women when leaving abusive relationships, including stigma and lack of safe housing.
• The essential need for confidence-building financial education tailored to culturally sensitive contexts.

Podcast Description

This podcast explores the often-hidden issue of financial abuse within domestic violence, with a focus on economic control, its impact, and systemic responses. Featuring experts from academia, frontline support, and financial institutions, it discusses how economic abuse persists beyond physical violence, its disproportionate impact on marginalised communities, and innovative approaches to prevention. The conversation highlights the importance of multi-agency collaboration, systemic design improvements, and culturally sensitive support to empower survivors toward financial independence and safety.