Economic Abuse - Wall Street or Main Street?

A term commonly associated with Wall Street could apply on Main Street more often than you might expect. According to a new national poll released by The Allstate Foundation, 86 percent of Americans fail to see a connection between domestic violence and "economic abuse." In fact, when given a choice of definitions, the survey revealed that nearly eight out of 10 Americans link economic abuse to Wall Street woes or irresponsible spending.

On the contrary, economic abuse is a tactic commonly used by abusers to control their victims' finances and prevent them from leaving a dangerous relationship. Many victims stay in abusive relationships due to lack of resources to stand on their own two feet. In a recent press release by The Allstate Foundation, Jennifer Kuhn - manager of the Economics Against Abuse program - stated:

"Many people associate domestic violence with physical attacks, but damage to your credit score and being cut off from access to money create lasting scars that make it hard, if not impossible, for abuse victims to recover. For victims of domestic violence, economic abuse is much more personal - and dangerous."

The poll also found that more than 70 percent of Americans know someone who is or has been a victim of domestic violence. With millions of Americans touched by domestic violence in some way, here are some of the warning signs of financial abuse the Allstate Foundation has identified:

• Taking money, credit card or property from a partner without permission
• Racking up debt without a partner's knowledge
• Purposely ruining a partner's credit score
• Preventing 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
  

Building financial skills is an important key to overcoming economic abuse. Now more than ever, it is important that domestic violence survivors build economic skills to overcome financial instability - the leading barrier to exit and stay out of an abusive situation. Here at the YWCA of Charleston, we empower domestic violence survivors with the tools to become financially self-sufficient by providing shelter, clothing, transportation to work, money management classes, education, and job readiness assistance. Furthermore, we offer individual counseling and support groups free of charge and assist victims with obtaining free court and legal representation so they can receive the support they desperately need.

Thanks to The Allstate Foundation and the "ClickToEmpower" Campaign, the YWCA USA has been selected as one of four national organizations to partner in friendly competition to raise national awareness about economic abuse – specifically, how it can impact the personal safety and financial security of domestic violence victims and their families. The organization receiving the most votes at the end of the two-month campaign period will receive $100,000 to support economic empowerment education for domestic violence victims.

How YOU can "click to empower" domestic violence victims through the YWCA:

From July 15 through September 15, visit www.clicktoempower.org and cast your vote for the YWCA each and every day. Also, tell everyone you know to do the same - especially those who know and love the YWCA. Also, please promote this contest on your web site, blog, Facebook, Twitter, or any way you can! We can win this competition, but only with your help. Let's get out there and Click to Empower!