��������

New York Press Office
Loretta Worters
917-208-8842
lorettaw@iii.org

��

��

NEW YORK, Oct. 7, 2024 – Financial security and access to resources can make all the difference to domestic violence victims when deciding to leave an abusive relationship. �������� is an important component of financial planning that can help survivors move forward, according to the (Triple-I).

��

One frequently hidden form of abuse perpetrated within intimate partner relationships is economic or financial abuse, a common tactic used by abusers to gain power and control in a relationship. The forms of financial abuse may be subtle or explicit, but in general, include tactics to conceal information, limit the victim’s��access to assets, or reduce��accessibility to the family finances.

��

Financial abuse – along with digital, emotional, physical, and sexual abuse – includes behaviors to intentionally manipulate, intimidate, and threaten��the victim to entrap that person in the relationship. In some cases, financial abuse is present throughout the relationship, and in other cases, financial exploitation becomes present when the survivor is attempting to leave or has left the relationship.

��

Research indicates that��. Surveys of survivors reflect those concerns over their ability to provide financially for themselves and their children -- one of the top reasons for staying in or returning to an abusive partner. As with all forms of abuse, financial abuse occurs across all socio-economic, educational, and racial and ethnic groups.

��

“Survivors struggling to get back on their feet may also be forced to return to their abuser.�� That’s why it’s so important survivors understand how insurance works and what a critical role it can play in gaining financial freedom and economic self-sufficiency,” said Loretta Worters, vice president of media relations at Triple-I.

��

In support of��, the Triple-I offers����to protect victims before and after leaving an abusive relationship. They include securing financial records, knowing where the victim stands financially, building a financial safety net, making necessary changes to their insurance policies, and maintaining good credit.��

��

The����(NCADV) reports that 10 million people are physically abused by an intimate partner each year, and 20,000 calls are placed to domestic violence hotlines each day. In addition, 85 percent of women who leave an abusive relationship return because of their economic dependence on their abusers. Furthermore, the degree of women’s economic dependence on an abuser is associated with the severity of the abuse they suffer.

��

"Home is frequently a dangerous place for survivors of domestic violence, and��, due to the abusers' ability to further control," said , , survivor, and leader in the movement to end domestic violence for over 30 years. “Tactics abusers use include ruining the victim’s credit, as well as financial abuse,” said Glenn, who is president of Survivor Justice Action (SJA) and the former CEO of the NCADV.

��

Digital abuse is another tactic used by abusers.�� It can come in many forms, with partners reading emails, checking texts and locations of social media posts, controlling who you can connect and speak with on social media; and keeping constant tabs on you through social networks, spyware, or tools like location sharing; and stealing your passwords, which can also impact you financially.

��

"One of the most powerful methods of keeping a survivor trapped in an abusive relationship is not being able to support themselves financially,” Glenn explained. “That’s why insurance and financial education are crucial,” she said.�� “Education can save a life.”

��

About �������� Information Institute (Triple-I)

With more than 50 insurance company members — including regional, super-regional, national and global carriers — the����is the #1 online source for insurance information in the U.S. The organization’s website, blog and social media channels offer a wealth of data-driven research studies, white papers, videos, articles, infographics and other resources solely dedicated to explaining insurance and enhancing knowledge.

��

Unlike other sources, Triple-I’s sole focus is creating and disseminating information to empower consumers. It neither lobbies nor sells insurance. Triple-I offers objective, fact-based information about insurance – information that is rooted in economic and actuarial soundness. Triple-I is affiliated with .