Remote work, while providing a respite to many from long commutes and surging gas prices, can increase the vulnerability of domestic violence victims. Heightened risks involve not only emotional and physical but also financial abuse – often one of the main reasons victims are unable to leave or have to return to the abusive relationship.
Without financial or insurance literacy, renting an apartment or purchasing a car to escape an abuser can be almost impossible for victims – particularly for Black women, who are disproportionately affected.
In support of Domestic Violence Awareness Month, Triple-I offers five financial strategies victims can use to protect themselves financially before and after leaving an abusive relationship:
- Securing financial data, including insurance policies;
- Know where the victim stands financially;
- Building a financial safety net;
- Making necessary changes to insurance policies; and
- Maintaining good credit, which can also affect access to insurance.
Credit-based insurance scores are confidential numerical assessments based in whole or in part on a consumer’s credit information. Many insurers use these scores — in conjunction with other factors — to support insurance and pricing policies, especially for homeowners and personal auto insurance. Actuarial studies find a strong correlation between how people manage their financial affairs and the likelihood of them filing insurance claims.
Abuse victims often have bad credit for a variety of reasons. The National Coalition Against Domestic Violence (NCADV) reports that victims of intimate partner violence lose a total of 8.0 million days of paid work each year, with a cost exceeding $8.3 billion annually. As many as 60 percent of victims lose their jobs for reasons stemming from the abuse, and how much abuse women will endure correlates statistically with their degree of economic dependence.
“Manipulating money and other economic resources is one of the most prominent forms of coercive control and yet many victims don’t even realize they are being controlled,” said Ruth Glenn, president and CEO of the NCADV and author of the memoir, Everything I Never Dreamed, which chronicles her battle against abuse, violence, and attempted murder. “That’s why it’s so important for victims to keep their checks, bank cards, and insurance policies in a safe spot that only they know – and, when leaving that abusive relationship, that they take precautions to keep themselves protected through an address confidentiality program.”
Victims of abuse often have a bad reputation for various reasons. The National Coalition Against Domestic Violence (NCADV) reports that victims of intimate partner violence lose a total of 8.0 million days of paid work per year, at a cost of more than $8.3 billion per year. As many as 60 percent of victims lose their jobs for reasons arising from the abuse, and how much abuse women endure is statistically related to their degree of economic dependence.
“Manipulation of money and other economic resources is one of the most prominent forms of compulsive control and yet many victims don’t even realize they are being controlled,” said Ruth Glenn, president and CEO of the NCADV and author of the memoir, Everything I never dreamed, detailing her struggles against abuse, violence and attempted murder. That’s why it’s so important for victims to keep their checks, bank cards and insurance policies in a safe place that only they know — and, when they leave that abusive relationship, take precautions to protect themselves through an address confidentiality program. .”
Those who are in crisis and need immediate help, call 1-800-799-SAFE (7233).
“The Insurance Information Institute’s financial education can be life-saving and will make a real difference to a lot of people,” Glenn said.
Other insurance industry resources for victims of domestic violence include The Insurance Industry Charitable Foundation – which has volunteered at Mosaic House, a shelter for women and children fleeing domestic violence and human trafficking in North Texas, and provided grants to organizations such as Dawn Rising, Human Options, the Joe Torre Safe At Home Foundation, the Philadelphia Children’s Alliance, the Center for Safety and Change, Women Rising, the WINGS Program, and Sarah’s Inn — and the Allstate Foundation’s relationship abuse program, the longest-running national program on ending domestic violence through financial empowerment services for survivors.
SOURCE: Triple-I