Signs of Financial Abuse in Marriage: What to Watch For
By: Stacy Francis
Feb., 10, 2023
Does your spouse try to control you through money? Spot the red flags before financial abuse escalates to domestic abuse.
It may come as a surprise to learn that many people who experience domestic abuse in a relationship are dealing with more than just physical and verbal abuse from their significant others. A study conducted by the Center for Financial Security showed that 99% of domestic abuse involves some financial abuse on top of those better-known forms of abuse.
Unfortunately, incidents of domestic violence are increasing. Research from the National Commission on COVID-19 and Criminal Justice found an 8% rise in domestic abuse following the onset of the pandemic. The report found record levels of violence against women and analyzed the findings of 18 studies that factored in a wide range of data, including 911 calls, incidents involving the police, hospital records and domestic-violence hotline calls.
While lockdown measures have been lifted and most businesses have returned to normal, many experts believe that the most vulnerable are still at risk. Mental illness continues to be a significant issue as well as increased levels of substance abuse. In 2021, there were more deaths from drug overdoses than from COVID. Sky-high inflation is also adding financial pressure to families who are already struggling. According to Centers for Disease Control and Prevention, mental illness, alcohol and drug use as well as financial stressors are significant risk factors for the occurrence of domestic violence.