According to research by the Financial Conduct Authority, one in six UK women have experienced financial abuse in a current or former relationship. The study also revealed that more than nine million people, which is the population of London, have been subject to control, exploitation or sabotage when it comes to their finances.
This means economic abuse, also known as financial abuse, is now one of the most prevalent forms of domestic abuse in the UK. While it’s important to remember that it’s not only women who are affected by economic abuse, research by Surviving Economic Abuse (SEA) highlights an alarming statistic.
The study, which was carried out in conjunction with market research company, Ipsos, found that many women who experienced economic abuse did not seek help. One reason for this, the charity suggests, may be because those who experience it don’t feel there’s anything anyone can do to help them.
Read on to discover more about economic abuse, how you may be able to spot a friend or loved one who’s a victim to it, and how they could receive the help they need.
Economic abuse can be disastrous for those affected by it
Because economic abuse is not as obvious as physical abuse, it can be extremely difficult to identify. That said, for those who experience it, the effects can be devastating.
More often than not, economic abuse involves the perpetrator controlling the victim’s economic resources and ability to buy goods or services. This can significantly restrict the sufferer’s ability to make choices, which can impact their financial freedom and economic security.
The following are some of the ways a perpetrator controls or abuses their victim’s finances:
- take out a credit card or loan in the victim’s name
- control the victim’s personal or joint bank account
- use the victim’s credit card without their permission
- deprive the victim of daily essentials, such as food
- use the victim’s money for gambling.
As victims cannot use their money as they might want, it can deprive them of the opportunity to buy clothing, food or other essentials. This can leave them feeling isolated and afraid and may mean the sufferer is unable to escape a violent or dangerous relationship.
Economic abuse is often misunderstood or ignored
SEA’s research also suggested that 42% of abuse victims never seek help or advice. Furthermore, just 13% of victims contacted the police. The latter could be because many sufferers do not see economic abuse as something anyone can do anything about.
This could be backed up by another of the research’s findings. It revealed that nearly 60% of victims sought help when they discovered economic abuse is legally recognised as a form of domestic abuse.
This compares to 41% of sufferers who sought help when they weren’t aware it is domestic abuse.
There are signals that someone you know might be being financially abused
While identifying economic abuse can be difficult, it’s not impossible. With that in mind, let’s consider three signals that could indicate that a friend or family member is being abused.
1. If someone is suddenly unclear about elements of their wealth
If someone who has always had a good understanding of their finances suddenly can’t explain certain aspects of their finances, this may be a sign of economic abuse. Similarly, if they become vague or evasive over their finances, or refuse to answer questions, this could indicate abuse.
2. Significant debt when someone else is sorting their bills
If someone you know has a significant number of unpaid bills when someone else is meant to be handling payments on their behalf, this could be a red flag. Another signal might be a sudden and major shift in spending behaviour, such as stopping spending or unusually spending large amounts.
Unexplained transfers of assets, even if it’s to a spouse, civil partner or partner, could also be a sign that they’re being economically abused.
3. A third person’s name is added to accounts or documents
Abusers want to control their victim’s wealth, which means they will usually ensure their name is added to their victim’s financial accounts. If you notice a name suddenly appears on financial accounts or documents that you feel shouldn’t be there, it might be a sign of economic abuse.
Similarly, if signatures on documents no longer resemble previous signatures, this could be something you need to discuss with the person.
Finally, an unexpected change to a will or the creation of a Lasting Power of Attorney (LPA) may also be a sign of that the person is being abused. That said, please be careful with an LPA, as creating one is often the sign of good financial planning.
Help is at hand if your suspicions prove to be right
If you have concerns that someone you know is being financially abused, it’s important to discuss them with the individual in a sensitive way. It’s important not to fall out with a friend or family member if your suspicions turn out to be unfounded.
If your suspicions prove to be correct, however, there are steps you and the person being economically abused can take. If it’s an emergency, you could encourage the victim to call the police on 999, or if it’s not an emergency, you can suggest they call 101 to report the abuse. Alternatively, they could also contact the following organisations that provide support for those effected.
Another way to protect yourself or someone close to you from economic abuse is to talk to a financial adviser. This is because an adviser will quickly identify whether abuse is taking place and help prevent it from continuing.
Get in touch
If you would like to understand how a financial adviser could help you, or someone close to you, please contact us on 0333 010 0008. We’d be happy to arrange a no-obligation initial meeting with one of our independent financial advisers.
13 April 2026