Financial abuse is the act of controlling and restricting a person’s access to their own money. In some cases, it is forcing an individual to make financial decisions that are not in their best interest.
In another word, it’s a form of manipulation where others have access to your money.
Financial abuse comes in various forms, they are;
- No refund: This happens when someone borrows your money without reimbursement.
- Dictatorship: This is a situation whereby your friend, family, or partner has total say on your money, that is, how you spend your money and also buy your necessary wants.
- Accounting for money spent and also gotten from your business.
- Someone taking loans in your name without your consent.
There are several ways financial abuse can affect and leave an indelible impact on a woman and her business. One of the major impacts of financial abuse is that it affects your business and sales, it affects your mental health, it cuts one-off training and learning (which ought to build your business)
Therefore, the best way to overcome financial abuse is to tell someone you trust, be smart and assertive.