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This week is Equal Pay Day (March 7) and International Women's Day (March 8) — a lot of attention for empowerment, but also for continuing problems and inequalities. However, one topic is still taboo here: financial violence. This occurs primarily in partnerships and mainly affects women.
In relationships, it is often women who reduce or give up their professional activity to take care of children or loved ones. As a result, the partner often becomes the main breadwinner. This creates financial dependency.
But who even thinks of violence in this context? Domestic violence is usually related to physical or emotional abuse. But this also includes precisely this financial power.
Financial violence is a silent form of domestic violence and a form of abuse in which someone exercises financial control over another person.
For example, this means:
Of course, not all financial dependence also means the exercise of abuse of power and financial violence. But there is a risk, and not as an isolated case.
According to a EU wide survey by the Fundamental Rights Agency the European Union experiences economic violence by the partner.
Financial violence is therefore not an individual problem for individual women, but a structural problem.
The limitation and unequal control of financial resources and the exploitation of economic superiority mean that victims depend on and depend on their partner.
Effects include financial instability up to existentially uncertain living conditions, psychological stress and health impairment.
In order to protect yourself from financial violence, it is therefore important to always keep an eye on your own finances - even during a relationship.
This means both preparing a regular financial overview of income, expenditure and assets, as well as talking about the financial situation and maintaining independence. This also protects you from maintaining your own account - whether as a 2 or 3 account model, instead of just having a joint account. It is also best to save up a financial cushion, a so-called nest egg, in order to be able to end the relationship in any case and not be stuck there due to financial dependence.
There are offers of help for those affected, for example by telephone:
Or via email and chat: www.hilfetelefon.de
As well as help and advice centers:
If you are not affected yourself, but someone else is affected, it is important to protect them. The contact points can also provide advice here.
Financial violence is often a social taboo. As with domestic violence in general, women are more likely to be affected by it. To protect yourself from financial violence, it's important to maintain transparency and control over your own finances. Keep your own account and don't take on debt for others if they could get you into financial difficulties themselves.
If you want to take steps towards financial independence, build up more financial knowledge, keep track of your finances, save a nest egg or make provisions, then feel free to check out our finance app. In the Moneten app, we enable users to manage their finances step by step at their own pace, based on their current life situation, goals and interests.
