A new AXA UK study has found that millions of Brits are unaware of the clear warning signs of financial abuse within relationships
Millions of adults across the UK are failing to recognise the clear warning signs of financial abuse within relationships, according to a new study commissioned by AXA UK. The survey of 2,000 people exposed a worrying gap in understanding about what actually counts as financial abuse.
The findings showed 24% of respondents would not see their partner controlling their bank accounts as abusive behaviour. Even more concerning, 40% saw nothing wrong with a partner blocking access to their own passport or ID, while 42% confessed they would not be troubled if their other half was hiding financial documents from them.
The study forms part of an AXA UK awareness drive, launched alongside charities Women’s Aid and Smart Works, designed to spotlight the more subtle indicators of domestic abuse.
TV presenter and campaign spokesperson, Anna Williamson, explained: “Financial abuse isn’t always obvious, and that’s what makes it so dangerous.
“It can sound like everyday conversations about money – who’s ‘better with the finances’, what’s ‘sensible’ to spend, or why certain decisions are being taken out of your hands. Over time, that language can become a way of controlling someone and leaving them feeling trapped.”
Tara Foley, CEO of AXA UK & Ireland, added: “Financial abuse often hides in plain sight, but even some of the most obvious signs can be hard to see. We want to empower everyone to recognise the signs and help them find the words to seek help when they need it most.”
The study found 19% don’t believe they’d be able to identify whether a friend or family member was being manipulated by a partner. With 68% claiming this type of abuse is hidden most of the time, while 62% think it often happens behind closed doors.
A fifth of those polled underestimated how common financial abuse is, with the same number believing it only happens in rare or extreme cases.
However, eight out of ten concurred that financial abuse is as serious as other forms of domestic abuse, and 86% agreed it can affect anyone regardless of income or status. Alarmingly, only 29% said they would leave a relationship if they were victims of financial abuse themselves.
AXA UK is tackling the issue by training its call centre teams with expert guidance from charities to support customers who disclose they are experiencing abuse.
Tara Foley added: “We aim to protect what matters most and we have a valuable role to play in supporting our customers when they’re in need.
“That’s why with expert guidance from charities, we have trained our call centre teams to support those who disclose that they are experiencing abuse.
“Education and open dialogue are vital, with research showing there’s a gap in awareness around domestic abuse.
“Greater understanding can help prevent harm and ensure help is reaching those who may be struggling.”
EIGHT SIGNS OF FINANCIAL ABUSE:
- Someone having financial control over your banking accounts
- Someone not having access to their passport, ID, or information about their right to live in the UK
- Someone concealing financial paperwork from you
- Someone ‘over-reacting’ to normal situations such as going out for a meal or planning a holiday
- Someone removing you from an insurance policy
- Their partner always calls them at work or turns up unexpectedly
- Someone wearing ill-fitting or worn-out clothing
- Someone always uses cash and not card