Financial abuse is unacceptable and we’re here to provide the information you need to help keep you safe. It can happen to anyone, at any time, no matter their age, gender or sexual orientation.
What is financial abuse?
Financial abuse is when someone attempts to restrict access to your money, control your financial decisions or use your money without your consent.
Here are some examples of financial abuse:
- Preventing access to joint funds, causing financial hardship.
- Forcing access to your bank accounts to make transactions without your permission.
- Putting you on a weekly allowance, even if you object.
- Overusing credit cards or refusing to pay bills and ruining your credit rating.
- Forcing you to cash in, sell or sign over your financial assets or inheritance.
- Forcing you to agree to a power of attorney that would allow someone else to legally sign documents on your behalf.
Possible scenario
Christine shares a bank account with her partner. When they separated, her partner withdrew a large sum of money from their joint account without her consent or knowledge and then changed the account so that she could not access it without her partner's approval. Christine has no other source of income, so this left her with no money to live on.
How to get help and prevent financial abuse
Remember, there are no circumstances in which financial abuse is acceptable. If you think this may be happening to you, there are ways to get help and regain your independence. For all support resources, you can ask for an interpreter or translator if you need one.
- If you’re not feeling safe, you should always call 000 in an emergency.
- If you'd like to talk to someone, you can call 1800 RESPECT on 1800 737 732 for free and confidential counselling.
- If you’re looking for help to get back on your feet, you can visit the Good Shepherd Financial Independence Hub or call on 1300 050 150.
- For women, non-binary and gender-diverse people who are keen to start making a plan to regain their independence, they can book an appointment with a Money Clinic specialist at the Centre for Women's Economic Safety.
- If you're struggling with debt, you can visit the National Debt Helpline or call on 1800 007 007.
If you worry that your own behaviour could potentially be recognised as abusive, please seek support. It takes strength and courage to admit to using violence or control. Free and confidential support is available for men who have been or are behaving abusively - call the Men’s Referral Service at 1300 766 491 or chat to a Counsellor online at the No to Violence website.
4 simple ways to guard against financial abuse
It’s important to understand the risks involved when setting up a joint account with someone. You’re essentially allowing control and sharing your finances with another person.
Here are some ways you can prevent financial abuse from happening to you:
- Understand what you’re signing and don’t give up control over your money. AMP Bank offers Offset Deposit Accounts in individual names linked to a joint home loan account.
- Keep your personal information safe. Change your passwords, PIN, codes, and login information regularly. Secure your important documents in a safe place.
- Set aside some savings and work towards supporting yourself. Try to remove yourself from depending on someone else for your financial wellbeing.
- Recognise the signs of financial abuse. For example, are you:
- being pressured to give or lend money?
- being isolated from your family and friends?
- being denied access to your own accounts?
- being blamed for financial problems?
Further resources, services and support
| Name | Details | Website | Phone | |||
|---|---|---|---|---|---|---|
| Department of Health |
Information about health support and services listed by topic. | health.gov.au/health-topics | 1300 78 99 78 Available 24/7 |
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| NDIS (National Disability Insurance Agency) |
The NDIS provides funding to eligible people with disability to gain an improved quality of life. The NDIS also connects anyone with disability to services in their community. |
ndis.gov.au | 1800 184 527 3pm – midnight, 7 days |
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| Healthdirect Australia |
Speak to a registered nurse about your health concerns. It can help if you're not sure if you should see a doctor or manage your condition at home. |
healthdirect.gov.au | 1800 022 222 Available 24/7 |
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| Services Australia | Access Medicare and some health services at low or no cost. Help for people with disability or if you're caring for someone. |
servicesaustralia.gov.au/health-and-disability | ||||
| Disability Gateway |
Information and services to help people with disability, their family, friends and carers, to find the support they need in Australia. |
disabilitygateway.gov.au | 1800 050 321 8am - 8pm, Monday to Friday 10am - 4pm, Saturday |
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| Job Access |
Gives people with disability, employers, service providers and the community access to information about services, financial assistance and workplace solutions. |
jobaccess.gov.au | ||||
| Disability Advocacy Finder |
Find a Disability Advocate near you - someone who can ensure your choices and rights are respected and you are being treated fairly. | askizzy.org.au/disability-advocacy-finder |
Financial support directory
Our financial support directory includes product help, calculators and a list of community and government organisations that can provide relevant support for your situation.
We're here to help
If you’re experiencing or suspect financial abuse involving any of your accounts with us, reach out to speak to us about how we can help you manage your finances during difficult circumstances.
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Important information
Products in the AMP Super Fund and the Wealth Personal Superannuation and Pension Fund are issued by N.M. Superannuation Proprietary Limited (N.M. Super) ABN 31 008 428 322 (trustee), which is part of the AMP group (AMP).
All banking products are issued by AMP Bank Limited ABN 15 081 596 009, AFSL and Australian credit licence 234517.
Any advice and information provided is general in nature, hasn’t taken your circumstances into account, and is provided by AWM Services Pty Ltd ABN 15 139 353 496 (AWM Services), which is part of AMP.
Before deciding what’s right for you, it’s important to consider your particular circumstances and read the relevant Product Disclosure Statement, Target Market Determination or Terms and Conditions available from AMP at amp.com.au.
Read our Financial Services Guide available at amp.com.au/fsg for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you.
All information on this website is subject to change without notice.
AMP Bank is a member of the Australian Banking Association (ABA) and is committed to the standards in the Banking Code of Practice.
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