As 16 days of activism against women and children in South Africa is observed, people should turn their attention towards financial abuse.
Financial abuse is an often overlooked but damaging aspect of domestic violence, according to Somila Gogoba, a financial legal expert and team leader from Milaw Legal.
Gogoba said that economic abuse compromises a woman's financial stability, yet less than 60% of countries have laws to combat it, as reported by the World Bank.
“In South Africa, where 38% of households are led by women who are often the primary earners, research by University of South Africa scholars Bianca Rochelle Parry and Puleng Segalo shows these women still face financial abuse,” Gogoba said.
In a number of these financially abusive relationships, some partners intentionally avoid employment and rely solely on their partner for financial support without valid reason even when the overall financial circumstances of the household do not warrant it.
“This is a form of financial abuse because it involves manipulating financial circumstances to control and harm another person,” said Gogoba.
Charnel Collins, CEO of National Debt Advisors (NDA) shares more red flags of a financially abuse relationship:
– your partner will take out a loan in your name;
– opening an account using your name;
– your partner will force you to stop working so you are financially dependent on them;
– you will be forced to hand over your wages;
– your partner relies on you to cover the financial responsibilities of the household even though both partners are earning money.
Abusive behaviour can have a significant impact on the mental, physical and financial health of women. This can result in women having long-term debt issues and many of them finding themselves women stuck in vicious debt cycle.
Gogoba encourages women to seek professional help for any form of abuse and shares advice on how they can recover from financial abuse.
Prepare for the future
If leaving your abuser immediately is not possible then quietly save funds by opening a new bank account and then concealing the cash to keep out of your abuser's reach.
Self-protection
Update your bank and credit card account details, like PINs and access codes but ensure that this information remains a secret. Request a free credit report to check for any unauthorised accounts or credit lines in your name.
Credit protection
Set up fraud alerts on your credit with major bureaus, valid for two years and extendable to seven with a police or identity theft report or opt for a credit freeze with each bureau to block new accounts from being opened in your name.
Credit score improvement
Boost your credit score by prioritising timely bill payments, managing your credit utilisation wisely, maintain a long credit history, and most importantly seek professional help.
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