One-third of Western Australians exposed to financial abuse

New data commissioned by Bankwest has suggested that financial abuse is relatively common in Western Australia, with nearly one-third of its residents admitting to a personal experience. 

The report, titled “Hidden Costs” and published by YouGov during the Western Australian government’s fifth annual “16 Days in WA” gendered-violence awareness campaign, explored the experiences of 1,008 adults in the state regarding financial abuse. 

Financial abuse is a form of violence where one person will use money as a means to overt power and control over another, such as a romantic or intimate partner. 

The act is considered to be a form of domestic family violence. 

According to the results of this survey, 29 per cent of respondents expressed that they had experienced financial abuse personally, while 25 per cent noted that they knew someone – not including themselves – who had been financially abused. 

The most common experiences noted by respondents were having their income spent by an abusive partner on household expenses who would keep their own income for themselves (59 per cent), having property destroyed, damaged or stolen (58 per cent) and having an abuser refuse to contribute financially to their family (58 per cent). 

The survey also reported that 12 per cent of Western Australians had, either willingly and not knowingly, committed financial abuse. 

Bankwest chief operating officer Louise Tovey said that the non-major bank is committed to supporting its customers and the 16 Days in WA campaign, as the bank “can often be among the first contacted by someone experiencing family and domestic violence or financial abuse”.

Ms Tovey later added: “Despite its prevalence, financial abuse can be difficult to recognise, because it can take many forms and can affect anyone – as the Hidden Costs results show – and it’s common for victims and survivors to stay silent.”

As Ms Tovey noted, while the report stated that 87 per cent of respondents agreed in some capacity that financial abuse was a national problem, it equally revealed a lack of awareness over the form of violence in Western Australia and the relevant support. 

A figure of 78 per cent of respondents expressed that they were unaware of any services that could provide support for people experiencing financial abuse with 30 per cent said they were either unfamiliar or unclear on the term “financial abuse”. 

Additionally, 62 per cent agreed that seeking help for financial abuse would be either somewhat or very hard. 

Of the top three barriers, the respondents who were sceptical of access to support expressed that the risk of retaliation (78 per cent), the abuser finding out (73 per cent), and feeling embarrassed (63 per cent) would limit victims from seeking assistance. 

The report stated that 60 per cent of respondents said they have experienced and sought help, while 34 per cent said they have experienced and would not, or have not, seek help. 

“This survey has shown one of the enablers of that silence is people clearly don’t know where to go for help, so it’s critical we raise awareness for services such as 1800RESPECT and Good Shepherd’s Financial Independence Hub,” Ms Tovey continued. 

“The findings also reinforce the importance of this year’s campaign theme, ‘Active Bystander’, because with a third of victims remaining silent, it’s important for others to support them – call it out, challenge it, and don’t stand by.”

The survey is the latest in a series of movements by the financial and banking sectors to raise awareness of finance-related abuse. 

Last month, AUSTRAC published a guide to “help businesses understand, identify and report technology-facilitated abuse” through financial transaction payment text fields.

Earlier this year, the Australian Banking Association called for uniform laws as a means to help prevent elder abuse. 

If you, or someone you know, is experiencing domestic violence, including financial abuse, you can contact 1800RESPECT on 1800 737 732. 

[Related: AUSTRAC unveils guide addressing tech-based abuse]