6 December 2023

Author: Dr Nicola Sharp-Jeffs OBE, Founder and CEO, Surviving Economic Abuse

During 16 Days of Activism we’ve invited other organisations to shed light on how they are combatting gender-based violence and domestic abuse. Join us as we learn, explore strategies, share stories and advocate for a future that ensures all victims are supported.

For far too long economic abuse has been left in the shadows. But this has only allowed abusers to perpetrate this devastating form of abuse undetected and unaccountable.

That’s why I set up the charity Surviving Economic Abuse in 2017. I wanted to put a spotlight on economic abuse to raise awareness of it so it more people can spot the signs and get help. But I also wanted to make sure more perpetrators are stopped in their tracks so we can put a stop to economic abuse forever.

Economic abuse is a devastating form of coercive and controlling behaviour that involves the control of a partner or ex-partner’s money, finances, or the things money can buy.

It can include damage to your property, preventing you from getting or keeping a job, forcing you to build up debts, refusing to contribute to household costs or, after separation, refusing to pay child maintenance or split joint assets. It often leaves victim-survivors homeless, in debt with a poor credit rating, and with no job or prospects.

Our new research reveals that 1 in 5 women in the UK experienced economic abuse in the last year alone. That’s equivalent to 5.5 million people.

It’s no wonder economic abuse victim-survivors often feel trapped with a dangerous abuser, putting them at risk of further harm, or that it is impossible to rebuild their financial independence and stability when they flee. This can even force some victim-survivors to return to an abuser or take their own lives.

And it is scarily prevalent. Our new research reveals that 1 in 5 women in the UK experienced economic abuse in the last year alone. That’s equivalent to 5.5 million people.

Worryingly, despite the long-lasting and damaging impact of this form of abuse, one in three women didn’t reach out to anyone for advice or support after being subjected to this form of control.

We know from our work with victim-survivors of economic abuse that banks and building societies play an unparalleled role in supporting their customers to take back economic control.

Through our work with banks, we’ve seen incredible commitment, innovation and investment in responding to the needs of victim-survivors. Through our partnership with Lloyds Banking Group, we have jointly developed a model of best practice response to economic abuse in financial services – a specialist Domestic and Financial Abuse team, which is specially trained and passionate about ensuring customers receive the best possible response.

We’ve also advised TSB on their flee fund, which provides emergency funds of up to £500 for customers to leave an abuser. This fund has helped victim-survivors and their children access money for essentials, like food and travel, after fleeing with nothing but the clothes on their backs.

And finally, HSBC UK’s campaign, ‘When an abuser controls your finances, they control you,’ with UK Says No More, raised awareness of economic abuse and our work. Reaching millions of people, this powerful national advertising campaign changed lives. One victim-survivor told us that she visited her local HSBC branch after seeing the advert on the tube. She used the branch’s Safe Space to access support and developed a plan to flee. She is now beginning to feel safe in her own home again.

We know from our work with victim-survivors that not every survivor finds the right person to speak to at her bank the first time around. Given that victim-survivors coerced into debt have on average five different creditors (according to data from the Financial Support Line run by our frontline partner Money Advice Plus), it’s no wonder that many feel like they are going around in circles and having to retell their story again and again.

That’s why, to coincide with Economic Abuse Awareness Day, we launched a new Banking Support Directory which is an online one-stop shop setting out how your bank can help so survivors can quickly and easily access the support they need.

We want all economic victim-survivors to know they are not alone and there is help out there for them.

If you are worried you might be experiencing economic abuse or a family member or friend might be, visit the Surviving Economic Abuse website for further information on accessing support: https://survivingeconomicabuse.org/i-need-help/

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Dr Nicola Sharp-Jeffs OBE has worked in the violence against women and girls sector since 2006 in both policy-influencing and research roles. She is an expert in economic abuse as it occurs within the context of coercive control, and set up the charity Surviving Economic Abuse in 2017.

This blog was written in a personal capacity and may not reflect the view of the organisation.