Fifth of young women feel they have no control over their money

'Financial abuse is a central element of domestic violence, including coercive control,' said Sarah Benson, CEO of Women’s Aid.

Experts from a leading anti-domestic violence body will advise major banks on abusers taking charge of people's finances, as it was revealed that more than 20% of younger women feel they have no control over their money.

The figures were revealed by Banking & Payments Federation Ireland (BPFI), whose research showed a fifth of young women aged 18-34 do not have control over their finances.

The same percentage is more likely to rely on others for help with their money or report difficulties in managing their finances, BPFI said.

Women aged between 18 and 34 were twice as likely to experience this as other cohorts of people, the research carried out by Amárach found.

Despite the figures, only 17% of younger women are concerned about others taking advantage of their financial situation, compared to 27% of other groups.

Ireland's five major retail banks AIB, Bank of Ireland, KBC Bank, Ulster Bank, and Permanent TSB have taken on board the BPFI's guide, Principles on Financial Abuse, which the banking lobby group says is to help customers who may be subject to coercive control to keep control of their money. 

Training by Women’s Aid is currently being rolled out across the banks, focusing on recognising and responding to customers who may be subject to financial abuse and coercive control, the BPFI said.

According to Women's Aid, coercive control is a "persistent pattern of controlling, coercive, and threatening behaviour, including all or some forms of domestic abuse".

The abuse can be emotional, physical, financial, or sexual, including threats by a boyfriend, partner, husband, or ex. It traps women in a relationship and makes it impossible or dangerous to leave, Women's Aid says.

Women's Aid also stated that financial abuse is a "form of domestic violence in which the abuser uses money as a means of controlling his partner".

It is a tactic that an abuser uses to gain power and dominance over his partner and is designed to isolate a woman into a state of complete financial dependence, the organisation says.

Women’s Aid hears hundreds of disclosures of financial abuse each year from women experiencing domestic abuse from a partner or ex-partner," said Women's Aid chief executive Sarah Benson.

"Financial abuse is a central element of domestic violence, including coercive control."

Louise O’Mahony, BPFI head of sustainable banking, said: “While not all customers who report not feeling in control of their money are subject to coercive control, some customers, both men and women, are likely to experience this.”

Ms O'Mahony said financial abuse occurs within close relationships and can happen at any age, regardless of wealth or status. 

"They may be left with no money for basic essentials such as food and clothing for themselves or their children," she said. 

"They may have no access to their own payment accounts and no source of independent income."