Financial abuse is a pervasive yet often overlooked form of domestic violence, with experts emphasizing that at its core lies power and control. According to the National Network to End Domestic Violence, up to 99 percent of the nation's 10 million domestic violence victims experience financial abuse. This alarming trend leaves victims financially dependent and isolated, with long-lasting psychological and economic consequences.
The Reality of Financial Abuse
Juliette, a pseudonym, recalls a painful incident from 2010 when she purchased a bathing suit top for a family trip. Her husband, who routinely monitored her credit card statements, unleashed a verbal attack in front of their children and her mother. Moments later, a new convertible was delivered for him, purchased without any consultation. This stark contrast illustrates the exertion of power that defines financial abuse.
Doriel Jacov, a New York-based psychotherapist, notes that financial abuse often coexists with other unhealthy dynamics. 'There is an inherent power dynamic where one person is in a position of power over the other partner,' he explains. The abuse can manifest in various ways, from controlling spending to sabotaging careers.
Who Is Affected?
A 2025 survey by U.S. News and World Report found that victims aged 18 to 24 are most vulnerable. Financial abuse most commonly occurs in marriages (39 percent) or when the victim lives with the abuser (35 percent). Kim Pentico, senior director of economic justice at the National Network to End Domestic Violence, stresses that financial abuse is a tactic within the broader context of domestic violence, defined as a pattern of coercive behavior used to intimidate and threaten a partner.
Common Tactics
Financial abuse includes preventing a partner from having their own bank account, dictating spending, forbidding employment, sabotaging careers, forcing a meager budget, or requiring paychecks to be handed over. The elderly are also vulnerable, with financial abuse costing an estimated $28 billion annually, according to the National Council on Aging. Abusers are family members 47 percent of the time.
Legal Protections and Progress
While all states have laws against elder abuse, protections for younger victims vary. Financial abuse was added to the federal Violence Against Women Act in 2022, opening funding for support organizations. At the state level, only a few jurisdictions have specific legal options:
- California: Coercive control is considered domestic abuse.
- Hawaii: Coercive control is considered domestic abuse.
- Nevada: Financial abuse is not a criminal offense, but survivors can seek up to $10,000 in civil relief.
- New York: Bars creditors from collecting debt from financial abuse.
- Utah: Coercive control is considered domestic abuse in child custody cases.
Coercive control laws can lead to restraining orders. In a 2023 California case, a judge granted a restraining order based on coercive control after a husband wrote nearly 200 pages of rules, including 30 pages on washing dishes. In 2025, a Washington judge granted a protective order for a wife whose husband threatened suicide, berated her over a Halloween costume, and made abusive comments about her past.
Impact on Families
The effects extend to children. Ruth, a pseudonym who now runs a financial coaching practice, recalls growing up watching her father financially abuse her mother. While her father bought jet skis and guns, her mother relied on thrift stores for clothes. Ruth's mother eventually left in 2003 with only $300 saved, moving in with family and starting over without a bank account or credit card.
Long-Term Consequences
Victims often internalize messages of incapability, leading to depression and anxiety. Juliette, despite a substantial divorce settlement, found herself asking her sister for permission to buy patio furniture from Target. Ruth suffered hundreds of panic attacks, eventually overcoming them through therapy. The psychological damage can persist for years, making recovery challenging.
Rebuilding Lives
Despite the trauma, many survivors rebuild. Ruth launched her financial coaching business in 2019, empowering women to trust themselves. Juliette started a coaching practice in 2020, focusing on toxic relationships and narcissistic abuse. 'When I work to help empower them, I get empowered,' she says.
For those experiencing financial abuse, support is available. In the US, call the domestic violence hotline at 1-800-799-SAFE (7233). In the UK, the national domestic abuse helpline offers support at 0808 2000 247, or visit the Refuge website. A dedicated men's advice line is available at 0808 8010 327. International helplines can be found at www.befrienders.org.
*Names have been changed to protect identities.
