Finances are strongly associated with millennials due to the generation’s changes in spending and consumerism. Millennials look at money differently than anyone before them, and it affects all areas of their lives, including their marriages.
Unfortunately, millennials are also experiencing more financial troubles than the housing crisis or limited job field. According to AP News, almost 70% of millennial women experience financial abuse by a romantic partner.
Six signs of financial abuse from a spouse
Signs of abuse vary depending on the type of behaviors a spouse is experiencing. For example, physical or sexual abuse may show physically on the body. However, the financial damage is more apparent in financial documentation than anywhere else. Signs of financial abuse include:
- Restricts your spending
- Hides money from you
- Takes out loans in your name
- Opens credit cards in your name without your consent
- Does not allow you to work or progress in your career
- Defaulting on accounts in your name, ruining your credit score
The partner does whatever they can to control your finances. It makes a spouse feel powerless in their relationship and limits their ability to leave the marriage after the abuse takes over. It’s especially problematic for millennial couples as finances are extremely tight for most young adults.
Millennials are known for their complicated relationship with money as they lived through the financial recession in 2008 and continue to struggle to find jobs with livable wages in the 2019 economy. If their spouse is restricting their money more, it may make divorce seem impossible.
Facing financial abuse head-on
While financial abuse is challenging to address in a marriage, you don’t have to suffer alone. First, consider if you need to contact the National Domestic Violence Hotline at 800-799-7233. They can offer advice to help you exit your relationship safely.
If you don’t feel that necessary, start developing an exit strategy. Start building personal accounts, find a steady income, a place to live and know the information you need to access your money from shared accounts.
If you suspect your partner of financial abuse, you need to point out their behavior and how it’s toxic in your marriage. It will be an awkward conversation, but it will help you move forward into a future where you are single and financially free.