More than a fifth of UK adults believe being removed from an insurance policy could be easily dismissed as ‘normal’ or ‘not serious’ in a relationship, according to research by Axa UK.
The insurer is launching a nationwide campaign aiming to raise awareness of the hidden signs of domestic abuse, including projects with charities Women’s Aid and Smart Works.
Its survey of 2,000 adults showed that despite being a common occurrence, financial abuse is not well understood.
Dr Imren Sterno, lead consultant clinical psychologist at Axa Health, emphasised that many failed to recognise the obvious signs, dismissing things that would often be recognised as ‘red flags’ in other people’s relationships because they wanted to believe their loved one had their best interest at heart.
The research showed that despite potentially indicating abuse, one in four (24%) respondents would not consider a partner controlling their bank accounts to be abusive, while 40% did not see being denied access to their own passport or ID as a red flag.
A similar number (42%) said concealing financial paperwork would not raise concern, with 21% believing that being removed from an insurance policy could be easily dismissed as ‘normal’ or ‘not serious’ in a relationship.
Almost one in five (19%) did not believe they would be able to identify if a friend or family member was being financially manipulated by a partner, while 68% said this type of abuse was hidden most of the time and 62% believed it happens behind closed doors.
The research also showed 74% believed financial services companies should be doing more to raise awareness of financial abuse and support those affected.
There has been a growing desire among the health and protection insurance sector to rase awareness and create solutions to economic abuse.
Last year the Chartered Insurance Institute (CII) created guidance for insurance professionals around the subject and warned economic abuse was as likely as making a life insurance claim.
Financial Services Consumer Panel member Johnny Timpson has called for insurance professionals to be given mandatory training on economic abuse, while the Financial Conduct Authority (FCA) believes its Consumer Duty rules have a key role in tackling abuse.
Axa said by working alongside charities such as Women’s Aid and Smart Works, it was aiming to increase understanding and improve access to vital support.
Recognise behaviour changes
Exploring the behaviours or patterns of financial abuse to be aware of, Dr Sterno suggested the key was to recognise changes in behaviour, including how someone interacted with the world and changes in their appearance.
Signs include making excuses and reducing how much time they spend with friends and family or possibly becoming more withdrawn, less communicative and displaying more anxiety than usual.
Tara Foley, CEO of Axa UK and Ireland (pictured), said: “Financial abuse often hides in plain sight, but even some of the most obvious signs can be hard to see. That’s why we’re working with Women’s Aid and Smart Works to raise awareness of the signs of financial abuse and offer practical assistance to those who may be experiencing it. We want to empower everyone to recognise the signs and help them find the words to seek help when they need it most.
“We aim to protect what matters most and we have a valuable role to play in supporting our customers when they’re in need. That’s why with expert guidance from charities, we have trained our call centre teams to support those who disclose that they are experiencing abuse.
“Education and open dialogue are vital, with research showing there’s a gap in awareness around domestic abuse. Greater understanding can help prevent harm and ensure help is reaching those who may be struggling.”
Fronting the campaign is TV presenter Anna Williamson who experienced financial abuse in a past relationship.
Williamson said: “Having experienced financial abuse myself, I know how easy it is to miss the signs.
“It isn’t always obvious, and that’s what makes it so dangerous. It can sound like everyday conversations about money – who’s better with the finances, what’s sensible to spend or why certain decisions are being taken out of your hands.
“Over time, that language can become a way of controlling someone and leaving them feeling trapped. This campaign is about raising awareness of this issue and letting people know that support is available.”