According to the 2023/2024 Victims of Crime Survey by Stats SA, a significant proportion of women in South Africa have experienced various forms of Gender Based Violence (GBV), including physical and sexual violence.
What is often not discussed as much as it should, however, is that financial abuse is an overwhelmingly major part of domestic violence cases, making it a critical aspect of GBV that needs greater attention.
Jessica Pillay, Financial Adviser at Momentum Financial Planning, describes financial abuse as “hidden in plain sight”, yet its effects can leave victims “financially trapped and emotionally drained”.
This insidious form of control often accompanies other forms of abuse, further entrenching a victim’s dependence on their abuser.
As we reflect on the 16 Days of Activism against gender-based violence, Pillay urges women to understand what financial abuse looks like and ask themselves an important question: “ Do I have a financial voice, or am I constantly silenced?”
She offers these signs that may indicate you’re in a financially abusive relationship.
Restriction of economic activity
Abusers often prevent their partners from working, pursuing a career, or studying. This limits the victim’s ability to gain financial independence, leaving them reliant on the abuser for basic needs.
Restricting access to healthcare
A controlling partner may prevent you from seeking medical care or deliberately make it difficult for you to access healthcare services, putting your wellbeing at risk.
This is often tied to financial control, as the victim may lack the resources to seek help independently.
Micromanaging spending
In healthy relationships, partners trust each other to make spending decisions. However, abusers closely monitor every expense, demand justification for minor purchases, or impose strict limits on spending to maintain control.
Deliberate damage to your credit
Financial abusers may ruin your credit score by either mismanaging shared debts or actively sabotaging your financial stability, leaving you unable to access loans, rent property, or make significant purchases, further tightening the abuser’s grip.
Complete control over finances
Victims of financial abuse are forced to hand over all their income to their abuser, who then controls how the money is spent. This fosters total financial dependence, making it almost impossible for the victim to break free.
Hiding assets during divorce or maintenance
During divorce or maintenance proceedings, abusers may hide assets to undermine the victim’s financial claims. This is especially common when women have been full-time caregivers, as their contributions are often undervalued.
The assumption that “she didn’t work for a cent” perpetuates financial inequity and leaves many women vulnerable during divorce proceedings.
Pillay said that addressing financial abuse requires awareness, education, and support systems that empower victims to reclaim their independence.
Recognising the signs is the first step and these are just a few examples, she said.
Pillay emphasises that financial literacy, access to resources, and community support are critical for helping victims regain control of their lives.