3 Signs You're Experiencing Financial Abuse and How to Stop It

3 Signs You’re Experiencing Financial Abuse and How to Stop It

Financial abuse is a silent epidemic that destroys personal autonomy financial security.

GOBankingRates spoke to Abid Salahi, financial expert and co-founder of FinallyWealthand Dennis Shirshikov, head of growth at Summer and professor of economics at the City University of New York, to discuss the signs one may be experiencing financial abuse and the steps that can be taken to stop it.

Find out: Why skipping a financial advisor could be your biggest money mistake

Here it is what you should pay attention to.

Manipulation and the creation of dependency

A major sign of financial abuse is manipulation and dependency. “It’s a form of manipulation that goes beyond monetary control – it’s about taking away someone’s sense of belonging independence and self-esteem”, said Salahi.

He explained that the most insidious signs of financial abuse often start subtly.

“An abuser may initially appear helpful and gradually take control of bank accounts, credit cards and financial decision-making,” he explains. “They create dependency by limiting your access to money, monitoring every expense, or demanding detailed explanations for every financial transaction.”

Look after: 4 Signs You Should Keep Your Finances Separate From Your Partner’s

Insulation

“Isolation is a major warning sign – when someone prevents you from talking about finances trusted friends or familyIt’s a big red flag,” Salahi said.

Shirshikov agreed. “Financial abuse often manifests itself in ways that may seem harmless at first, but can escalate over time,” he explained.

He said main warning signs This includes unexplained withdrawals from your accounts, sudden changes to wills or financial documents, and being kept in the dark about household finances.

Monitor behavior

According to experts, these are red flags if a partner insists on maintaining full control over financial resources or discourages their partner from accessing their own money.

In romantic relationships, Salahi says financial abuse manifests itself through controlling behavior. Here are some key examples of controlling behavior to look out for.

Avoid going to work or sabotaging your career
Demand full access to your financial accounts
Creating significant debt in your name
Punishing you through financial restrictions
It forces you to account for every cent spent

Advice on how to protect yourself

According to Salahi, protection starts with financial independence. “Open one separate bank account only in your name. Maintain personal credit cards and establish credit independently,” he said.

He recommended documentation all financial interactions and keeping copies of important financial documents in a secure location outside the shared living space.

For those experiencing financial abuse, experts say seeking help is crucial. “Reach out to local domestic violence support centers, which often offer financial guidance,” Salahi said. He noted that many organizations offer free resources and legal guidance to individuals seeking to escape financial abuse situations.

Technology can also be a powerful ally.

“Use password-protected financial apps, enable two-factor authentication, and keep digital records of all financial interactions. Consider working with a financial advisor who can help you rebuild your financial independence and develop protective strategies,” Salahi explains. “Remember that financial abuse is never your fault. You deserve complete control over your economic well-being, and help is available.”

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This article originally appeared on GOBankingRates.com: I’m a Financial Expert: 3 Signs You’re Experiencing Financial Abuse and How to Stop It