How can people live with themselves when taking advantage of others? I wouldn’t be able to sleep at night knowing I was ripping off a relative.
Financial abuse is a form of abuse that often goes hand in hand with other abuses. It’s also an all too common form of elder abuse. Anyone who is frail, sick, in an institution or unable to handle their own finances completely and with understanding, is vulnerable to financial abuse.
Frequently, financial abuse is a part of domestic abuse, being employed as a way of controlling the victim and preventing her from being able to escape the abusive relationship.
Financial abuse is often a part of another abuse such as domestic violence or emotional/psychological abuse or even bullying. It can result from drug or alcohol addictions too.
What is Financial Abuse?
Financial abuse is any abuse involving money. It can be perpetrated by an individual or an organisation. If someone forces you to take money from your account to give to them, takes money from you, pressures you into giving them money, borrows from you and refuses to repay the loan, forces you to sign something without explaining the full implications or allowing you to read the small print, takes your benefits or charges for services you have not received or requested, it is financial abuse.
Financial abuse can also involve cowboy traders who undertake work and leave a substandard job after receiving payment.