How to break free from financial abuse

As the world marks the 16 Days of Activism against gender-based violence (GBV), it is essential to acknowledge the often-overlooked aspect of financial abuse.

Financial abuse is a form of manipulation where one partner controls the other by limiting their access to financial resources.

This type of abuse can be devastating, stripping individuals of their dignity, choice, and control over their lives.

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According to Sharon Hamman, senior legal adviser at Momentum, financial awareness is a crucial step in protecting oneself against financial abuse.

“Financial awareness enables early identification of financial abuse in a relationship, making it easier to deal with,” Hamman explains.

Recent studies have highlighted a disturbing correlation between financial dependence and vulnerability to abuse.
Statistics from Stats SA reveal that a growing number of women rely on grants and their partners’ income, making them more susceptible to financial abuse.

Hamman emphasizes the importance of working towards financial independence, particularly for women.

“Financial stress can strain any relationship and may lead to various forms of GBV, including financial abuse. Making the decision to work towards financial independence early in life is vital.”

Hamman suggests the following tips to achieve financial independence;

1. Start saving, even small amounts, to build a financial cushion.
2. Gradually build your emergency fund to empower yourself to make decisions that are best for your well-being.
3. Maintain a healthy credit score to ensure access to emergency funds when needed.
4. Ensure financial independence from your partner by having your own income and/or savings.
5. Seek advice from a trusted financial adviser who understands your unique circumstances.
“Financial awareness is the first step towards financial freedom. When faced with taking proactive preventative steps or reactive corrective action, a financial adviser can provide much-needed guidance,” Hamman concludes.

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