What is economic abuse?

Economic abuse can occur when a partner or ex-partner takes control or is in control of finances, income or spending.

Recent research by Aviva PLC, discovered that 2 in 5 adults in the UK had experienced some form of economic or financial abuse*. They also highlighted the connection that economic safety has on the person’s physical safety and ability to continue to rebuild their lives. Often, severing financial links can be very difficult and stressful, but we are here to help ease this stress. 

Do you feel out of control of your financial happiness?

At Rockwood, we have attended SEA (Surviving Economic Abuse Charity) training and actively bring the principles into our approach to financial happiness. If you feel you are a victim of financial abuse or you are approaching a change in your life that is concerning you, our friendly team would be happy to support you through this process, exploring options and giving impartial advice. You can read our commitment to our service and Consumer Duty on our website.

We approach our consultation differently, discussing your lifegoals and working through with you what financial happiness means to you.

It is a difficult journey to experience when you feel you need to sever links to something that you are used to. Stepping outside your normal process is hard, you may be scared and you will have lots of questions. We can help with these questions and help you to formulate a clear vision of what you want to do, putting together a simple plan for you to follow to achieve your goal.

We are here to understand your needs and objectives without judgement, to get to know you, to explore the path you want to take with confidentiality. This is all before we even start discussing the options and helping you to evaluate and make decisions. We assess vulnerabilities as part of our process considering all angles and options.  We look at what we can do to help empower people to get control back where perhaps it has been lost.

We will continue to support you throughout your journey, reviewing your plan with you, adjusting for each change that life brings.

Your financial plan is designed to help you live a happy and healthy life and do the things that bring you most joy and a sense of purpose. We are here to help to support you to do that.

The first consultation is free and we will discuss your needs, concerns and desires. Just call one of our team today.

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Positive steps to help avoid economic abuse?

In 2021 the Government included economic abuse within the Domestic Abuse Act for England and Wales. They also subsequently amended the Serious Crime Act (2015) to cover post separation where controlling or coercive behaviour applied.

A recent report from SEA highlighted the potential for economic abuse when joint insurance products and life insurance are taken out. Fear and intimidation, were identified as key risks of harm.

The report recommends that by “intervening during these crucial life stages, financial services firms and policymakers can bring about change to improve financial resilience”.

Earlier this year the Aviva Foundation funded SEA to publish a briefing about ‘Insurance and economic abuse’. The briefing recommends cross-industry work for financial firms, by involving the Association of British Insurers, to help when separating joint policies in cases of economic abuse.

The Chartered Insurance Institute, of which Catherine is a member, is working with members to produce best practice guidelines to recognise these recommendations and help support customers further. This is part of the Consumer Duty, which all financial organisations must develop. You can see our commitment to the Consumer Duty here.

If we can help you any further, please get in touch.

 *Source: Life_insurance_briefing-SEA-2023-1.pdf (survivingeconomicabuse.org)