The research, released in February 2022, was conducted by Deloitte Access Economics on behalf of the Commonwealth Bank and found that financial abuse costs victim-survivors and the economy a combined $10 billion a year.
Financial abuse is a less recognised form of family and domestic violence, which involves control, exploitation, or sabotage of economic resources. Financial Abuse often accompanies or is a precursor to other forms of domestic abuse.
The report calculates that in 2020, victim-survivors lost $5.7 billion to actions such as having their income withheld by a partner, being prevented from working, or their partner not contributing to household expenses. It also says these costs are likely to be an underestimate.
“This new research shines a light on just how widespread this insidious form of domestic abuse really is,” Redfern Legal Centre’s Financial Abuse Service NSW team leader, Laura Bianchi said.
“Patterns of financial abuse occur largely behind closed doors, or are hidden in plain sight. We hope this new report will create greater awareness about economic abuse with Government and in the financial sector, and encourage more people to access support,” Ms Bianchi said.
Redfern Legal Centre runs NSW’s only free specialist statewide service providing legal support to financial abuse victim-survivors. RLC also coordinates the NSW chapter of the Economic Abuse Reference Group and contributes to national capacity development and awareness-raising initiatives that help guide government and industry responses to financial abuse.
CommBank Next Chapter is a partner in the delivery of legal services provided by the Financial Abuse Service NSW.
Read the full report here or find out more about CBA’s Next Chapter initiative here.
