1. Center on Violence Against Women and Children Financial Empowerment

2. Goal of Presentation This presentation will explore the use of financial abuse by batterers to control and isolate their partners, and focus on short and long term strategies to assist survivors to become financially independent. Center on Violence Against Woman and Children 2

3. Objectives – Identify forms of financial abuse – Learn how to create a financial safety plan – Learn how to help survivors set short term financial goals – How to assist survivors to identify their financial fears and emotions attached to money Center on Violence Against Woman and Children 3

4. Objectives Learn how to identify community resources available to assist survivors to become economically independent Learn how to assist survivors to understand credit, get a credit report/score, and improve their credit rating Center on Violence Against Woman and Children 4

5. The Problem Financial insecurity and economic abuse puts women in a position of choosing to stay in an abusive relationship or face poverty and homelessness Once they do leave they face many economic barriers Many women do not recognize they are being financially abused Center on Violence Against Woman and Children 5

6. Power and Control Wheel Center on Violence Against Woman and Children 6

7. What is financial abuse? Financially healthy relationships Definition of economic abuse Forms of economic abuse – Prevent her from acquiring employment and resources – Prevent her from using resources – Prevent her from maintaining resources Effects of economic abuse – Creates economic dependence on the abuser – A lack of resources will hinder her ability to leave – Will significantly lower her standard of living Adams, Sullivan, Bybee & Greeson (2008) Center on Violence Against Woman and Children 7

8. Helping clients identify economic abuse Does your partner: – Steal money from you or your family – Makes financial decisions without talking to you – Forbids you from working or going to school – Overuses credit cards in your name or both of your names – Prevents you from obtaining or using credit, or debit cards – Demands receipts and change when you spend money – Withhold physical necessities such as food and clothes Center on Violence Against Woman and Children 8

9. Financial Safety Planning Getting your paperwork in order Protect your credit and assets Save money Identify individual, joint and hidden assets – Assist the individual with creating a list – When possible ask her to identify the approximate value of each asset Center on Violence Against Woman and Children 9

10. Identifying Assets Questions to ask: Are your property and financial assets held in both of your names? Is your apartment or home in both of your names? Do you have your own bank account or joint account? Does your partner own antiques, tools, artwork or other collections? Does your partner receive income not being reported to the government? Center on Violence Against Woman and Children 10

11. Financial Fundamentals How to set short and long term goals Management of finances How to create a budget – 3 simple steps Strategies for saving Center on Violence Against Woman and Children 11

12. Managing debt CreditorBalance dueInterest rateCurrent monthly payment 1. 2. 3. 4. Total debt and monthly payment Center on Violence Against Woman and Children 12

13. Financial Fears Discuss the financial challenges to leaving How to address emotions attached to money Spending money to feed an emotional need Spending money once out of an abusive relationship Spending money out of guilt or to show love Find new ways to treat themselves Financial fear checklist Center on Violence Against Woman and Children 13

14. Community resources Access to benefits assist in becoming economically empowered Become educated Build collaborations Center on Violence Against Woman and Children 14

15. Understanding Credit Why is good credit important? Obtain and review credit report – Equifax, Experian, and TransUnion – Annual credit report request service 1 877 322 8228 – http://www.annualcreditreport.com http://www.annualcreditreport.com What is in a credit report? Understanding a credit score Improving a credit score Go to www.myfico.comwww.myfico.com Center on Violence Against Woman and Children 15

16. Long term Planning – Planning a will or a trust fund, – Designate powers of attorney Power of attorney handout – Purchase life insurance Center on Violence Against Woman and Children 16

17. Center on Violence Against Woman and Children 17 Questions