Financial literacy and dealing with the aftermath of family abuse

On Behalf of | Feb 3, 2015 | Domestic Violence

A person’s life can suddenly be turned upside-down when domestic violence is committed against them. The time following an incident of such abuse can be a challenging and scary one. Thankfully, there are various things that can help victims of domestic violence with the challenges they face.

Some of the challenges a domestic violence victim can face are financial. For example, their credit rating may have been hurt by actions by their abuser, there may be issues regarding separating their money and accounts from those of their abuser and they may find themselves having to deal with financial issues that they previously didn’t because such issues used to be handled by their abuser.

Sometimes, anxiety and worries about financial matters can be factors in a domestic violence victim being hesitant to get out of a relationship that has turned abusive. Thus, finding ways to help domestic violence victims address financial issues that can arise as a result of domestic abuse is important, as it could help give such victims the financial confidence they need to get away from partners who mean them harm.

As a recent study indicates, financial literacy can be very helpful for domestic violence victims when it comes to dealing with financial issues that arise for them. In the study, researchers reviewed the experiences of domestic violence victims who had taken, in a group setting, certain financial education lessons intended for domestic abuse victims. The lessons covered a variety of different financial topics. Researchers found that the domestic abuse victims who took the lessons showed higher levels of financial confidence and higher degrees of success when it came to financial self-sufficiency.

This study underscores how valuable of a tool financial literacy can be in the fight against domestic abuse. Do you think that enough is currently being done to help promote financial literacy among domestic violence victims? If not, what further steps would you like to see taken?

Of course, financial concerns are not the only big concerns a domestic violence victim can have. Abuse victims also generally will have major concerns regarding their safety. One thing that can sometimes help with such safety concerns is getting a restraining order issued against the abuser. Attorneys can help domestic abuse victims with the pursuit of such an order.

Source: U.S. News & World Report, “How Financial Literacy Can Fight Domestic Violence,” Kimberly Palmer, Jan. 30, 2015