Financial abuse: the hidden crime we must recognise

 Its impact is painfully visible in the lives of its victims, who will see their savings drained, credibility destroyed, opportunities lost, and confidence broken.

From Aishath Muneeza

When we hear the word “abuse”, we often think of physical violence or emotional harm. However, these are often symptoms of a much broader, structural landscape of economic violence.

This form of domestic or intimate-partner violence structurally violates and limits the victim’s fundamental rights to access, acquire, use and maintain essential resources — ranging from healthcare, education, access to finance and savings, all the way to housing and transport.

This control strips away independence and dignity, and traps victims in cycles of dependency.

But where economic violence provides the architecture of disadvantage and coercion, financial abuse is the tool used to enforce it.

To break that cycle, we first need to understand what financial abuse is and what it looks like, who it can happen to, and who is most at risk.

What is financial abuse?

Financial abuse happens when one person uses money or financial resources to control, exploit, or dominate another. It is not about poor money management or disagreements over spending. Rather, it is about power and control.

Some examples include:

Taking control of a partner’s income, pensions, or bank accounts.

• Forcing someone to take loans or sign over property.
• Preventing a partner from working or sabotaging their career.
• Spending household savings without consent.
• Refusing to share in household expenses, leaving one person financially burdened.

As mentioned, financial abuse falls under the larger umbrella of economic abuse, which is defined as any act or behavior that causes economic harm to an individual — leading to the erosion of victims’ economic stability and independence.

What makes financial abuse especially insidious is that it rarely stands alone. It often accompanies emotional or physical abuse, creating a web of dependency that victims struggle to escape.

Without financial autonomy, leaving an abusive situation can feel impossible.

Who can it happen to?

Financial abuse does not discriminate. It can affect anyone, whether you’re a man or woman, young or old, wealthy or poor. It occurs across cultures, countries, and social classes.

What unites victims is the fact that someone close to them exploits their financial vulnerability for control.

It may be a romantic partner exerting dominance, an adult child taking advantage of an elderly parent, or even a caregiver misusing funds intended for someone’s well-being.

Given that money is so central to life, abusers exploit it as a tool of manipulation.

What does financial abuse look like?

Unlike physical violence, financial abuse often leaves no visible scars. Instead, its signs are hidden in bank statements, employment histories, and day-to-day dependence.

Warning signs can include:

• A person who suddenly loses access to their bank cards or accounts.
• Someone pressured into signing documents they don’t fully understand.
• A partner who insists on controlling all household finances.
• Unexplained debts or loans taken in a victim’s name.
• Victims unable to leave toxic relationships because they “can’t afford to”.

Financial abuse is also normalised in many households, where money is treated as the domain of one partner. This normalisation makes it even harder for victims to identify what they are experiencing as abuse.

Who is most vulnerable?

While financial abuse can happen to anyone, certain groups face higher risks. These can include:

1. Women in abusive relationships: research shows financial abuse is present in nearly all domestic violence cases. It is often the anchor that keeps women tied to abusive partners.
2. Elderly individuals: older people are frequently targeted by caregivers or relatives misusing pensions, property, or assets under the guise of “helping”.
3. Persons with disabilities: depending on others for daily care can create openings for exploitation and financial control.
4. Migrant workers: far from home and often with limited legal protections, they may face withheld wages, fraudulent deductions, or outright theft.

Recognising who is most at risk helps us build stronger protections and support systems that are tailored to their realities.

Conclusion

Financial abuse is a hidden crime, but its impact is painfully visible in the lives of its victims.

It leaves its mark through drained savings, destroyed credit, lost opportunities, and broken confidence. It is not just a personal problem but a societal challenge.

By naming it, recognising its signs, and acknowledging who is most vulnerable, we can begin to dismantle the power it holds and unravel the structures of economic bias against victims.

Understanding financial abuse is the first step in addressing it. The next step — which is building awareness, protection, and empowerment — requires all of us. - FMT

 Aishath Muneeza is a senior Islamic finance consultant at United Nations Population Fund (UNFPA) Malaysia.

The views expressed are those of the writer and do not necessarily reflect those of MMKtT.