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Financial abuse is when someone takes away your access to money, manipulates your financial decisions, or uses your money without consent. Once you know this, there are ways to get help and regain your independence.
Financial abuse is a type of family violence. It often happens alongside other types of violence, such as physical or emotional abuse. It can leave you feeling vulnerable, isolated, depressed and anxious. It can also take away your independence.
Financial abuse can happen to anyone. The abuser could be your partner, a family member, carer or friend.
Elder financial abuse is also a serious problem. Older people can be more vulnerable to financial abuse. This is because they often depend on others for help with financial tasks and decisions.
Getting help and support for financial abuse
If you or someone you know is experiencing financial abuse, free and confidential help is available.
If you need legal help or advice, see free legal advice: https://moneysmart.gov.au/managing- debt/free-legal-advice.
If you’re in crisis or struggling to make ends meet, find out how to get urgent help with money: https://moneysmart.gov.au/managing- debt/urgent-help-with-money.
Contact one of these organisations for free and confidential support.
Help for families affected by relationship or separation issues
Family Relationship Advice Line
1800 050 32
8 am to 8 pm, Monday to Friday
10 am to 4 pm, Saturday
Family violence, abuse and sexual assault counselling
1800RESPECT
1800 737 732
24 hours
1800RESPECT Online Chat
Help if you’re struggling with debt
1800 007 007
9:30 am to 4:30 pm, Monday to Friday
Elder abuse victim support
1800 ELDERHelp
1800 353 374
Note: this number redirects you to the phone line in your state or territory. Operating hours and services vary
State and territory elder abuse victim resource centres
My Aged Care
1800 200 422
8 am to 8 pm, Monday to Friday 10 am to 2 pm, Saturday
Advocacy and advice for older people
Older Persons Advocacy Network
1800 700 600
8 am to 8 pm, Monday to Friday
Note: this number redirects you to the Older Persons Advocacy Network organisation in your state or territory
Dementia information and support
1800 100 500
9 am to 5 pm, Monday to Friday
Help to get back on your feet
Good Shepherd Australia Financial Independence Hub
1300 050 150
9 am to 5 pm, Monday to Friday
Signs of a financially abusive person
A person can be financially abusive in many different ways. Some signs of financial abuse are when a person:
Controls your access to money
- restricts your access to bank accounts, credit cards or cash
- makes you ask permission to spend your own money
- denies you access to the internet, phone or transport to prevent you from working or studying
- refuses to contribute to shared costs or child support
- refuses to provide you with enough money for living expenses or for costs related to raising children
Uses your money without your knowledge or consent
- forges your signature on cheques
- withdraws or transfers large amounts of money from your bank account
- uses your credit card
- cancels or hides bank or credit card statements
- uses bill, rent or mortgage money for something else
- sells your property
Signs legal documents
- forges your signature on legal documents
- forces you to sign documents that you don’t understand
- takes out loans, credit cards or debts in your name without your permission
- pressures you to take on a loan or a debt on their behalf
- forces or pressures you to change your will (https://moneysmart.gov.au/wills-and-powers-of-attorney)
- forces or pressures you to appoint them as your enduring power of attorney
- doesn’t act in your best interests as your power of attorney
Threatens or punishes you
- makes you feel guilty if you don’t give them money
- isolates you – or threatens to – from your family or friends if you don’t give them money
- hurts or punishes you — or threatens to — if you don’t give them money
- makes you feel stupid or that you can’t be trusted with money
- questions or punishes your spending
Preventing financial abuse
Help protect yourself from financial abuse by:
- staying in touch with people you trust, and not being afraid to talk about any concerns you have
- learning to recognise and avoid financial scams (https://moneysmart.gov.au/banking/banking-and-credit-scams)
- regularly checking bank and credit card statements for unauthorised transactions (https://moneysmart.gov.au/banking/unauthorised-and-mistaken- transactions)
- opening your own mail
- storing documents account logins and passwords in a safe and secure place
- if you lend money to someone, put it in writing and make a plan with them for repayment
- never signing documents you don’t understand
- where possible, getting independent and confidential legal or financial advice
- asking someone you trust to check that the person who manages your money is doing it in your best interests
Sources:
https://moneysmart.gov.au/financial-abuse
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Our team of professional financial Advisers and support staff will work with you to tailor practical solutions that meet your financial planning needs. Contact us at 07 3891 5666 or email us at admin@wealthconnexion.com.au
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In this article we have not taken into account any particular person’s objectives, financial situation or needs. You should, before acting on this information, consider the appropriateness of this information having regard to your personal objectives, financial situation or needs. We recommend you obtain financial advice specific to your situation before making any financial investment or insurance decision.
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