Economic abuse: What is it and who is at risk?

This article first appeared in Professional Paraplanner in June 2026.

Understanding how financial services professionals support vulnerable customers has always been important, and even more so since the introduction of Consumer Duty. This has highlighted the growing issue of economic and financial abuse, both in the UK and globally, particularly affecting women.

Research from Surviving Economic Abuse (SEA) shows that around one in five women in the UK, approximately 5.5 million, experienced economic or financial abuse in the past year. This is a stark and deeply concerning figure.

Crucially, the same research found that more women (23%) are likely to disclose economic abuse to a financial services provider than to the police (13%). This places financial services professionals, whether insurers, lenders or those working for advice firms, on the frontline. While we are not expected to be experts in this field, we all share a key role in recognising the signs, responding appropriately, and signposting support.

What is economic and financial abuse?

Economic abuse is often divided into two overlapping forms: financial abuse and economic abuse.

Financial abuse involves controlling a person’s ability to access, use and manage money. This can include restricting access to bank accounts, stealing money, or forcing someone into debt. The aim is to create financial dependence and reduce a person’s ability to leave an abusive situation.

Economic abuse is broader, referring to behaviour that limits a person’s ability to work or build financial independence. This might include preventing someone from getting or keeping a job, sabotaging career opportunities, or interfering with education. The goal is to remove independence and increase control.

Victims may experience one or both forms at the same time.

Who is most at risk?

Research shows that women are disproportionately the victims of financial and economic abuse and certain groups face heightened risk due to a combination of social, economic and personal factors.

• Women with disabilities may be more vulnerable, with abusers exploiting their dependence on care or support.
• Migrant women, particularly those with insecure immigration status, can face language barriers, lack of awareness of rights, and fear of deportation.
• Older women may be targeted by family members or carers misusing pensions, savings or benefits.
• Women from marginalised communities often face systemic barriers that increase vulnerability to financial control.
• Those experiencing other forms of abuse are also more likely to experience economic abuse as part of a wider pattern of control.

The growing risk for young women

Economic abuse is also a significant and growing issue for younger women. Research suggests that nearly 40% of women aged 18–24 experience some form of economic abuse each year.

Younger women may be particularly vulnerable due to:

• Limited financial experience, making it easier for abusers to manipulate finances or restrict access to money.
• Economic dependence in relationships, where one partner controls income or restricts work or education.
• Cultural or societal expectations, which may normalise male financial control.
• Barriers to seeking help, including lack of awareness of support services, fear of judgement, or concerns about repercussions.

In many cases, financial control is used alongside other forms of abuse to reinforce dependence and prevent victims from leaving.

Recognising the signs

Being able to identify the warning signs is key to offering support. Common indicators include:

• Restricted access to bank accounts, cash or credit
• Unexplained withdrawals or transfers
• Excessive monitoring or control of spending
• Preventing or sabotaging employment
• Coercing someone into taking on debt
• Taking control of wages, benefits or allowances
• Making major financial decisions without consent
• Withholding financial information such as bills or statements

Recognising these signs creates an opportunity to respond and guide individuals towards support.

Supporting and signposting help

Support services play a vital role in helping victims regain independence. Encouragingly, there is growing support available across the UK.

• Financial institutions can help secure accounts, manage debt and protect personal information.
• Legal aid organisations offer advice, support with protection orders and guidance through family law issues.
• Refuges and shelters provide a safe place to stay, alongside financial advice and help accessing benefits.
• Specialist charities, such as Surviving Economic Abuse (SEA), offer information, advocacy and practical support.
• Helplines provide immediate, confidential advice and referrals.

As financial services professionals, understanding these pathways is critical. Even a small intervention, such as recognising a sign or directing someone to specialist support, can make a significant difference.

Why this matters

Economic and financial abuse affects millions of women in the UK and beyond. It is often hidden, but its impact can be long-lasting and deeply damaging.

For those working in financial services, awareness is key. By understanding the risks, recognising the signs and knowing how to respond, we can play an important role in supporting vulnerable customers.

Ultimately, improving awareness and support can help more women regain control, rebuild independence, and move towards financial security, helping create a safer, more inclusive society for everyone.