• New research from Surviving Economic Abuse, supported by TSB, found that nearly one in four UK adults believes one or more signs of economic abuse are not economic abuse.
• Alarmingly, young people aged 18-24 missed one or more signs at double the rate of those aged 55 and over.
• Analysis shows 4.2 million UK women experienced economic abuse from a current or ex-partner in the last year alone.
• SEA and TSB have launched the Spotting the Signs Challenge to help the nation recognise the red flags ahead of Economic Abuse Awareness Day (26 November).

Shocking new research from Surviving Economic Abuse (SEA), supported by TSB, suggests young people aged 18-24 are less likely than other age groups to spot economic abuse. This is despite young women experiencing this form of domestic abuse at a much higher rate.

To tackle this, SEA and TSB have launched the Spotting the Signs Challenge, a national campaign helping people recognise the red flags of economic abuse and safely take action. Ahead of Economic Abuse Day (26 November), the organisations are calling on the public to take part in the Challenge and start life-saving conversations.

New figures released today from the survey, conducted by Ipsos UK on behalf of SEA and TSB, show that:

• Nearly one in four UK adults identified one or more warning signs – such as a partner controlling spending, stopping them from working or taking out credit in their name without their consent – as either “probably” or “definitely” not economic abuse.
• Shockingly, 7% of UK adults didn’t recognise any of the examples of economic abuse or were not sure.
• Over a third (36%) of 18-24-year-olds missed one or more signs, double the rate of those aged 55 or over.
• The data suggests young women are at greater risk: around one in six UK women experienced economic abuse from a current or ex-partner in the last year – rising to one in four among 18-24-year-olds.

Economic abuse is a devastating form of domestic abuse, with analysis of the survey data suggesting that 4.2 million UK women were affected in the last year alone. It involves a current or ex-partner controlling someone’s money and resources to trap them in a dangerous situation. Two-thirds (67%) of women reported experiencing economic abuse alongside other forms of domestic abuse, including their current or ex-partner belittling or humiliating them, acting in an overly jealous way or making repeated accusations that they were unfaithful. One in five (20%) said they experienced a current or ex-partner making threats to hurt or kill them.

Despite its scale, half of UK adults report they don’t know anything about the term “economic abuse”. Survivors are more than three times more likely to say they had sought information, help or advice from a friend, family member or new partner (39%) than a community organisation, charity or specialist service (11%), indicating that friends and family are key to recognising economic abuse and helping someone to safety.

SEA has partnered with TSB to help raise awareness and ensure victim-survivors can access support, including from their bank. TSB’s Flee Fund provides survivors with immediate access to up to £500 to escape a dangerous abuser and has helped over 800 people since its launch in December 2022.

Lara* was trapped with an abusive husband for seven years and knows how easily economic abuse can go unnoticed: “He would wait until I was asleep and take my bank card, running up charges. He made me buy him a mobile phone, then smashed it in front of me and told me I had to buy another. He would force me to buy him clothes we couldn’t afford, and if I pushed back, he’d start a fight.

“I mentioned things to friends – how he took my card, how I couldn’t say no without him exploding – but they brushed it off as ‘just arguments’. One friend even lent me money when he stole my credit card so I could pay the interest, but nobody said anything about what was really happening. I didn’t realise how manipulated I was by him. I wish someone had recognised it for what it was. If you have a friend or family member going through what I went through, make sure they know they can talk to you. Just knowing someone sees what’s happening can make all the difference.”

Sam Smethers, CEO of Surviving Economic Abuse, said: “Our research is a wake-up call:  too many young people don’t recognise the signs of economic abuse, even though nearly one in four young women experience it – higher than any other age group. But this isn’t just a young person’s issue – we need to raise awareness across all generations so everyone knows how to spot and respond to this hidden form of abuse.

“That’s why we’ve partnered with TSB to launch the Spotting the Signs Challenge. We all know how to act when someone is in physical danger, but when someone’s economic freedom is stripped away, leaving them trapped with a dangerous partner, far too many people don’t know what to do.

“Support is out there. Banks like TSB and specialist charities like SEA are ready to help survivors rebuild their lives – but we need your help to ensure they reach us. By recognising and naming economic abuse, you can make the difference between someone staying trapped with an abuser and taking their first step towards safety. Simply spotting it could change and save a life.”

Kate Osiadacz, Head of Responsible Business, TSB, said: “The impact of economic abuse on individuals can be devastating, trapping victims in a spiral of debt and stripping them of their financial independence – and in the worst cases, leading to the loss of life.

“We hope the launch of this Challenge will spark a conversation about economic abuse and help people spot the signs of this crime, so that survivors can identify and access the help they need.”

Learn the signs. Start a conversation. You could save a life.

ENDS

For further information or to arrange an interview with a victim-survivor or SEA spokesperson, please contact the Surviving Economic Abuse press office on: [email protected] / 07786 073249