Citizens Advice has today warned that victims of financial abuse face a day to day reality of control and fear, but only 2 in 5 people are aware it is a form of domestic abuse.
New findings today from the Co-operative Bank and Refuge reveal nearly 1 in 5 adults have been victims of financial abuse. They have announced they are producing guidance for banks to help victims.
Gillian Guy, chief executive of Citizens Advice, said:
“Financial abuse traps its victims in a day to day reality of control and fear. Abusers may rack up huge debts in the name of their victim or ensure they alone can spend their victim’s income. Yet only 2 in 5 people are aware that domestic abuse can have a financial side.
“Putting in place the right guidance for banks and creditors dealing with victims of financial abuse could make a big difference. The Government can also help tackle financial abuse by reviewing how abusers exploit payment of benefits and tax credits, ahead of the introduction of the Universal Credit single household payment.”