Food, Home and Style

Are You Being Economically Abused?

It feels like we all are, thanks to the bank failures, massive layoffs and precipitous stock market drops. We have seen jobs vanish and savings diminish—and even if things seem to be getting slightly better, doesn’t that count as “economic abuse?”

Lots of people seem to think so. According to a recent survey by the AllState Foundation, for 75 percent of Americans, the term “economic abuse” (not a new term) brings to mind Wall Street woes or irresponsible spending.

Here are other responses in the survey, which was part of its campaign to support domestic violence survivors:

• For 75 percent of Americans, the term “economic abuse” brings to mind Wall Street woes or irresponsible spending.
• More than three-quarters (76 percent) believe the poor economy has made it more difficult for victims of domestic violence.
• Two-thirds (66 percent) believe the recession has caused an increase in domestic violence.
• 44 percent say the most difficult barrier to leaving an abusive relationship is financial security.
• Almost 60 percent don’t see a connection between harassing a partner at work and economic abuse, even if it may cost the victim their job and ultimately limit income.
• Nearly eight out of 10 Americans link economic abuse to Wall Street woes or irresponsible spending.

So how do you spot the signs of economic abuse? The Allstate Group put together a list:

• Taking money, credit card or property from a partner without their permission.
• Racking up debt without a partner’s knowledge.
• Purposely ruining a partner’s credit score.
• Forbidding a partner from earning money or attending school.
• Being forced by a partner to hand over paychecks.
• Canceling insurance or credit cards without the partner’s knowledge.
• Harassing a partner at work to negatively impact a job.

–

Get Recessionwire in your inbox! Subscribe to our daily Recession Briefing newsletter for the latest headlines to help you survive and thrive in the downturn.

Tags: economic abuse, economy, Spending and Saving