Taking back control starts with understanding what financial abuse is and how it can impact your life.
Financial abuse happens when someone limits your access to money or controls your financial decisions, often leaving you without independence. It’s a form of domestic and family violence that can affect anyone, regardless of income, age, culture, gender identity, or relationship status. It can happen between couples, parents/grandparents and children, and other relationship settings.
Regaining control over your finances is an important milestone towards safety and independence, and knowing the signs of financial abuse is the first step.
Signs of Financial Abuse
You might be experiencing financial abuse if you’ve been prevented from accessing your own money, given a fixed allowance and asked to account for every dollar, or if your spending is constantly criticised or controlled. It can also include situations where your partner accesses your bank accounts without permission, avoids contributing to bills, places debts solely in your name, or sells your belongings against your wishes. Being discouraged from working or pressured to take out loans or sign guarantees are also warning signs.
If any of this sounds familiar, remember that abuse is never your fault and help is available.
Financial Safety Plan
Once you recognise the signs, the next step is to protect your financial safety. Start by securing your bank accounts. If you don’t already have one, open an account in your name and redirect your income and benefits there. Update your contact details, choose a secure mailing address, and change passwords or PINs if someone else may have access. If you have joint accounts, be aware that any activity may reveal your location. You can also speak to us about requiring either or both signatures for withdrawals, but always prioritise your safety when making banking setting changes or transactions.
It’s also important to review any loans or financial obligations. Check for joint loans or accounts and ask your bank to require dual approval for redraws. If you’ve co-signed or guaranteed loans, seek legal advice because you may be liable if the other person defaults. Beyond loans, review utilities and subscriptions in your name, update billing addresses, and remove payment methods if necessary. Contact service providers to ensure your details are removed from any property you no longer live in.
Insurance and superannuation should not be overlooked. Confirm your coverage with insurers and update personal details if needed. Review any insurance linked to your superannuation, such as life or income protection, and update beneficiaries if your relationship has changed. If you’re feeling overwhelmed by bills or debt, reach out to our hardship team or utility providers, many offer flexible repayment options for people experiencing family violence. Centrelink can also help with support payments, and a free financial counsellor is available on 1800 007 007 to help you create a plan.
Know your rights and organise your documents
Knowing your rights and understanding your credit history will help you better navigate this process.
Request a free credit report to check for loans or debts in your name by visiting creditsmart.org.au, and consider speaking to a financial counsellor before reviewing your report. Your ability to regain financial independence may also be affected by property ownership, vehicle registration, immigration status, powers of attorney, or wills and estate matters. Community legal services can provide free advice on these issues.
Collecting and safely storing important documents can make a big difference when seeking help. This includes personal documents like birth certificates, passports, driver’s licence, Medicare card, marriage certificates, and any protection orders. Financial documents such as bank statements, superannuation details, tax returns, and pay slips are also essential, along with property records like vehicle registration papers, mortgage agreements, and receipts for valuable items. Store these securely with a trusted friend, lawyer, or digitally in the cloud.
Additional Resources
Support is available whenever you need it. In an emergency, call the police on 000. For 24/7 assistance, call 1800 RESPECT or visit them online here, they offer support for domestic and sexual violence, and Lifeline provides crisis support on 13 11 14. The National Debt Helpline offers free financial counselling on 1800 007 007, and services like Women’s Legal Services, MensLine, WIRE,(1300 134 130) Relationships Australia, and the Family Relationship Advice Line can provide legal advice, counselling, and referrals.
Finally, your safety comes first. Making changes to reduce someone’s control over you can increase the risk of harm, so always prioritise your safety. Speak to a family violence support worker, make a personal safety plan, and seek professional legal and financial advice. You don’t have to do this alone, help is available, and you have the right to feel safe and in control of your life and finances again.
Your Financial Recovery Checklist
• Prioritise your safety.
• Secure your accounts and personal details.
• Review loans, utilities, and insurance.
• Gather and store important documents.
• Reach out for legal and financial advice.
Southern Cross Credit Union Ltd 82 087 650 682 AFSL and Australian Credit Licence 241000. Any advice is general advice only and does not take into account your objectives, financial position or needs (your ‘circumstances’).
