Let’s get straight to the point. The definition of financial abuse is when someone uses money to exert power and control over another person. It’s a subtle but damaging form of domestic abuse that often happens behind closed doors, leaving the person affected feeling trapped and helpless.
It’s an uncomfortable reality for many, and it’s a key part of understanding financial abuse in Singapore. This isn’t about the occasional argument over spending; it’s a pattern of behaviour designed to undermine a person’s financial independence and security.
What Is Considered Financial Abuse?
Recognising the signs is the first step towards addressing the problem. Financial control can start small and escalate over time. If you’re wondering what is considered financial abuse, here are some common examples of controlling behaviour:
- Restricting Access to Money: This could mean they take your salary, give you a strict ‘allowance’, or demand you account for every single cent you spend. You might find yourself having to ask for money for basic necessities.
- Controlling Your Ability to Work: Perhaps they discourage you from getting a job, or they might sabotage your current employment by constantly calling you at work, hiding your keys, or making you late.
- Running Up Debt in Your Name: They might take out credit cards or loans using your details without your permission. This can ruin your credit score and leave you with a mountain of debt that isn’t yours.
- Forcing You to Be Financially Dependent: A common tactic is to ensure all assets, like the house or car, are in their name only. This makes it incredibly difficult for you to leave the relationship, as you would be starting from scratch.
- Making Important Financial Decisions Without You: They might sell property, clear out a joint savings account, or make large investments without ever discussing it with you.
Steps in Preventing Financial Abuse
Building a relationship on a foundation of financial transparency and respect is the best way to prevent potential issues. By taking these proactive steps, you can protect your financial independence and foster a healthy partnership.
Step 1: Talk About Money Early and Often
Start conversations about finances at the beginning of a serious relationship. This isn’t about being suspicious; it’s about being a team.
Discuss your spending habits, savings goals, and any existing debt. Establishing open communication from the start makes it normal to talk about money and harder for financial secrecy to take hold.
Step 2: Establish Mutual Transparency
Agree that both partners will have full access to information about joint accounts and household finances. You should both know where the money is, how it is being spent, and what financial plans are in place. Make it a rule to discuss any major purchases or financial decisions before making them.
Step 3: Maintain Your Financial Identity
Even in a committed partnership, it is essential to maintain your own financial independence. Keep a separate bank account in your own name with funds that only you can access. This ensures you have a safety net and a degree of independence, which is a key defence against financial control.
Step 4: Understand All Documents Before Signing
Never sign any legal or financial document that you do not entirely understand. This includes loan agreements, property deeds, or business papers. Take the time to read everything carefully, and if you have any doubts, seek advice from a trusted professional before putting your name on the line.
Step 5: Set Clear Financial Boundaries
Work together to establish boundaries that are comfortable for both of you. This could involve agreeing on a monthly budget for personal spending, deciding how you will handle requests for money from family, or setting limits on joint credit card use. Clear boundaries help prevent misunderstandings and potential for conflict.
Conclusion About Financial Abuse in Singapore
Understanding that you might be experiencing financial abuse is a monumental and courageous first step. This pattern of control is designed to make you feel isolated and powerless, but you do not have to navigate this journey alone. Protecting your rights and securing your financial future is not just a possibility; it’s a necessity.
When financial control becomes a factor in relationship breakdowns, understanding your legal standing is paramount. For free, confidential and expert legal guidance, reach out to the best criminal lawyers and divorce lawyers in Singapore at Tembusu Law.
Frequently Asked Questions About Financial Abuse in Singapore
Is Forcing Someone To Quit Their Job A Form Of Financial Abuse?
Yes, absolutely. Preventing someone from earning their own income is a classic control tactic. By limiting their ability to work, the abuser ensures the other person is financially dependent on them, making it harder for them to leave the relationship.
What If My Partner Manages All Our Finances Because They Are ‘Better’ With Money?
There is a significant difference between mutually agreeing to a financial arrangement and one person making unilateral decisions. If you are not allowed access to bank accounts, have no visibility of the household’s financial state, and have no say in how money is spent, it crosses the line into financial abuse.
How Can I Discuss Financial Boundaries With A New Partner?
Start the conversation early and keep it positive. You can frame it as a way to build a strong and transparent partnership. Suggest setting shared goals, discussing spending habits, and deciding together how you will manage joint expenses versus personal spending. Approaching it as a team effort promotes trust.
Can Financial Abuse Happen To Men As Well?
Yes, financial abuse can happen to anyone, regardless of gender. While statistics often highlight women as being more frequently affected, men can and do experience financial abuse in relationships as well. The core issue is the misuse of power and control.
Is Hiding Money Or Assets From A Partner Considered Financial Abuse?
Yes, deliberately hiding financial information, such as secret bank accounts, undeclared income, or hidden assets, is a form of financial abuse. It breaks the trust in a relationship and prevents the other partner from having a true picture of their shared financial reality.
