Triple-I: Financial Literacy Empowers Domestic Violence Victims to Break Free

For immediate release
New York Press Office: Loretta Worters: 917-208-8842, lorettaw@iii.org

NEW YORK, Oct. 17, 2022--One of the main reasons victims of domestic violence are unable to leave an abusive partner, or must return to one, is because of their financial reliance on them, experts agree.  Having financial knowledge gives victims the ability to remove themselves from a dangerous situation, according to the Insurance Information Institute (Triple-I).

“Keeping victims financially dependent is a common tactic used by abusers to gain power and control in a relationship,” said Loretta Worters, Vice President, Media Relations, Triple-I. “Victims continue to be isolated, exploited and prevented from developing the financial resiliency necessary to achieve independence and to break free from their abuser.”

The American Journal of Emergency Medicine found domestic violence cases increased between 25 percent to 35 percent globally with the start of the pandemic in 2020, disproportionately affecting Black women, the paper’s authors reported.  “How do these victims rent an apartment or purchase a car to escape their abuser without funds, without insurance?”, Worters stated.

In support of Domestic Violence Awareness Month, Triple-I offers five financial strategies victims can use to protect themselves before and after leaving an abusive relationship. They include:

• Securing financial records, including insurance policies
• Knowing where they stand financially
• Building a financial safety net
• Making necessary changes to insurance policies
• Maintaining good credit, which can also impact insurance

The National Coalition Against Domestic Violence (NCADV) reports that U.S. victims of domestic violence cumulatively lose a total of 8 million days of paid work each year with a cost exceeding $8.3 billion annually.  Between 21-60 percent of victims lose their jobs due to reasons stemming from the abuse, according to the NCADV.  The organization also notes that 85 percent of women who leave an abusive relationship return to their abusive partner because of their economic dependence on them. Furthermore, the degree of women’s economic dependence on an abuser is associated with the severity of the abuse they suffer, the NCADV says.

"Manipulating money and other economic resources is one of the most prominent forms of coercive control and yet many victims don’t even realize they are being controlled," said Ruth Glenn, president and CEO of the NCADV and author of the memoir, Everything I Never Dreamed. “That’s why it’s so important for victims to keep their checks, bank cards and insurance policies in a safe spot that only they know and when leaving that abusive relationship that they take precautions to keep their addresses safe.”

Glenn explained that domestic violence victims and survivors sometimes don’t have either the tools or resources to start life anew. “The financial education provided by the Insurance Information Institute can be life-saving, and will make a real difference for many, many people.” Glenn stated.

Victims in need of immediate assistance should call 1-800-799-SAFE (7233). 

RELATED LINKS: 
Video: Domestic Violence Awareness Month