Financial services must come together to support female survivors of economic abuse through six key life stages

by | Jul 20, 2021

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A new report has identified 6 Moments That Matter in which survivors of economic abuse can be supported by organisations across the financial services sector.

The report’s authors are asking the industry to recognise the role everyone has to play. In the UK, one in eight adults (12.2%) – 5.9 million people – experience economic abuse in their lifetime from a partner or family member. 4.2 million of them are women.

The report, The Economic Abuse Threat facing Girls & Women in the UK: 6 Moments That Matter in the Lives of Female Survivors has been written by Jane Portas, creator of 6 Moments That Matter and co-founder of Insuring Women’s Futures, and Dr Nicola Sharp-Jeffs OBE, founder and CEO of Surviving Economic Abuse.

A panel of leading industry figures from the financial services sector will launch the report at an event on 20th July.

The report is calling on the financial services sector and organisations across the financial system including banks, insurers, financial guidance, trade and professional bodies, and employers more broadly, to follow the momentum of the recently passed Domestic Abuse Act passed in April 2021, which includes economic abuse, and to adopt holistic and person-led approaches to support female survivors, while working towards protecting customers and employees from future abuse. Everyone has a role to play.

The 6 Moments That Matter are key points during all our lives where we can take control to secure our financial future. They are: Growing Up, Studying & Re-Qualifying; Entering & Re-Entering the Workplace; Relationships: Making Up & Breaking Up; Parenthood & Becoming a Carer; Later Life, Planning & Entering Retirement; and Ill-health, Infirmity & and Dying.

These key points in girls’ and women’s lives were reinforced through focus group discussions with female survivors of economic abuse. The nature of domestic abuse means that abusers will use these moments as opportunities to control and coerce. For many survivors, abusers’ actions affect lifelong financial resilience and this report highlights how they can be helped to take back control.

Currently, the sector is a provider of day-to-day bank accounts to 51.1 million adult customers, insurance to nine in ten adults and an employer of 1.1 million people. These numbers illustrate that the financial services sector is particularly well placed to tackle economic abuse.

The report includes a PEOPLE Framework, developed by Jane Portas, which offers financial services firms a blueprint to help take forward approaches to economic abuse appropriate to their organisation.

Recommendations made by the report include:

A person-led approach to support a coordinated, holistic response to economic abuse including for complex cases, which sees the financial services sector work with government, employers and the third sector, among others; the collection of intersectional and life circumstances data to better support a diversity of survivors; and the need for awareness raising.

 Jane Portas, creator of 6 Moments That Matter and co-founder of Insuring Women’s Futures comments:

What this work shows us is how girls’ and women’s vulnerability to, and experience of economic abuse, and consequently their financial, physical and emotional safety, varies at key points across life stages. To most effectively tackle economic abuse we need to work together in joined up ways across government, regulators, financial services, employers, family lawyers, prosecutors, the third sector and with people. This way we can safely help survivors to rebuild their lives and put a stop to abusers by empowering everyone and innovating approaches to prevent economic abuse. I am grateful to the survivors who shared their stories and have been so impressed by the work SEA does. We can all help prevent economic abuse and I look forward to helping take these findings forward.”

Dr Nicola Sharp-Jeffs OBE, founder and CEO of Surviving Economic Abuse (SEA) comments:

“Since founding SEA four years ago, I have spoken to hundreds of survivors about their experiences of economic abuse. It is clear there are certain moments in a woman’s life which abusers exploit or sabotage in order to control a victim. Understanding when these moments arise will help us all better support survivors. Chiefly, I would like to thank the brave women who used their voices to inform this important work. I would also like to pay tribute to Jane Portas for her dedication to transforming responses to economic abuse in the UK.”

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