Research -The Co-operative Bank and Refuge – Know Economic Abuse

8.7 MILLION PEOPLE REPORT EXPERIENCING ECONOMIC ABUSE – AND 1.6 MILLION SAW THIS BEGIN AS A RESULT OF THE COVID-19 PANDEMIC

  • The Co-operative Bank and Refuge, the UKs largest national domestic abuse charity release “Know Economic Abuse” report – five years on from launching landmark campaign to tackle economic abuse
  • Approximately 16% of all UK adults identify as having experienced economic abuse in their current or former relationship – but the numbers may be higher as more than twice as many have experienced economically abusive behaviours
  • 1.6 million adults (3%) saw their economic abuse begin during the Covid-19 pandemic
  • Report makes new recommendations for change, following successful 2015 report which led to the introduction of the UK finance industry’s Financial Abuse Code of Practice

Nearly two out of five UK adults (39%) – approximately 20m people1 – have experienced economically abusive behaviour in a current or former relationship, according to a new report launched today by The Co-operative Bank and Refuge, the UK’s largest national domestic abuse charity. Despite this, only 16 per cent of people describe, or recognise, their experiences as abuse.
The “Know Economic Abuse” campaign aims to raise awareness of the true scale of economic abuse in the UK. Economic Abuse – sometimes called financial abuse – occurs when someone attempts to control another’s ability to acquire, maintain access to, or use money or other economic resources on a sustained basis. This can include behaviour such as stopping someone from working, taking someone’s money, preventing someone from accessing their own or joint bank accounts, or putting debts in their name nearly a million people (10% of all who have experienced economic abuse) are currently in relationships with people who are abusing them economically.
The report combines a study of over 4,000 adults and qualitative research interviews undertaken with 14 survivors of domestic abuse who have accessed Refuge’s specialist services. This report continues Refuge and The Co-operative Bank’s landmark research from 2015, which launched the campaign which successfully called for the introduction of the Financial Abuse Code of Practice. The Financial Abuse Code of Practice is a set of voluntary guidelines to help the financial services industry better identify and address the needs of someone experiencing economic abuse

https://www.co-operativebank.co.uk/aboutus/ourbusiness/ethicalpolicy/ethicalcampaigns/FinancialAbuse