An estimated 21% of adults have experienced partner violence or abuse since the age of 15, and more specifically, 16% of women have experienced what is known as partner economic abuse.
 

Economic abuse is a form of domestic and family violence that involves the control of a partner or ex-partner’s money and finances (as well as the things that money can buy), in a way that threatens their economic security and potential for self-sufficiency.

Super funds have a unique role to play in tackling this issue, through reimagining product with a financial safety lens. The Centre for Women’s Economic Safety found that people experiencing financial abuse were more likely to seek help from their bank to prevent the misuse of banking products, than they were from a domestic and family violence service – a fact that highlights that this is no longer ‘just a women’s issue’.

Rebecca Glenn, CEO of the Centre for Women’s Economic Safety joins us for this year’s National Road Show, to provide research and real-life experiences to guide the superannuation industry through demonstrating our obligation to our members, by considering customer vulnerability in product design and distribution.

The impact of economic abuse makes the idea of leaving insurmountable for some - without money, there is nowhere to go. And once they have successfully left, rebuilding life is extremely challenging, forcing many women to start again from scratch, with large amounts of debt and poor credit ratings, affecting their long-term economic stability.

It is time for the finance sector to embrace the role it plays in protecting women against financial abuse, by making it harder to inflict harm.