Young adults are less likely than other age groups to spot warning signs of economic abuse, a survey indicates.
Economic abuse is a form of domestic abuse, and involves someone controlling another person’s money and resources to trap them.
The research, released by the charity, Surviving Economic Abuse, and TSB ahead of Economic Abuse Day on November 26, found that 7% of people surveyed did not recognise any of the examples of economic abuse given or were not sure.
The charity and TSB have launched the “spotting the signs challenge”, a campaign helping people recognise the red flags of economic abuse and how to safely take action.
Over a third (36%) of 18 to 24-year-olds missed one or more potential signs of economic abuse when presented in the survey with warning signs that they were asked to spot, compared with 16% of 55 to 64-year-olds.
One or more warning signs were also missed by 31% of 25 to 34-year-olds; 22% of 35 to 44-year-olds; 17% of 45 to 54 year-olds; and 19% of people aged 65-plus.
TSB said its “flee fund”, launched in 2022 to provide survivors with immediate access to up to £500 to escape a dangerous abuser, has helped more than 800 people so far.
Sam Smethers, chief executive of Surviving Economic Abuse, said: “Our research is a wake-up call: too many young people don’t recognise the signs of economic abuse, even though nearly one in four young women experience it – higher than any other age group.
“But this isn’t just a young person’s issue – we need to raise awareness across all generations so everyone knows how to spot and respond to this hidden form of abuse.”
Get a free fractional share worth up to £100.
Capital at risk.
Terms and conditions apply.
Go to website
ADVERTISEMENT
Get a free fractional share worth up to £100.
Capital at risk.
Terms and conditions apply.
Go to website
ADVERTISEMENT
Kate Osiadacz, head of responsible Business, TSB, said: “The impact of economic abuse on individuals can be devastating, trapping victims in a spiral of debt and stripping them of their financial independence – and in the worst cases, leading to the loss of life.
“We hope the launch of this challenge will spark a conversation about economic abuse and help people spot the signs of this crime, so that survivors can identify and access the help they need.”
Research was carried out by Ipsos among more than 5,000 people across the UK in October, on behalf of Surviving Economic Abuse and TSB.
Here are the warning signs of economic abuse that people were asked to spot, in the hypothetical scenario that a friend told them they had experienced the following from a partner or ex-partner:
– The partner/ex-partner controlled, or tried to control, access to your friend’s personal bank account.
– They repeatedly refused to pay their agreed share of the rent, mortgage, household bills or childcare costs, despite having enough money to do so.
– They prevented your friend from getting a job, training or studying or made it difficult for them to do so.
– They refused to give your friend child support/child maintenance or paid it unreliably when they could afford to do so.
– They controlled, or tried to control, how your friend spent their own money.
– They took out credit in your friend’s name without their consent or because they were scared to refuse.