16 Days in WA: Hidden Costs Report reveals young people experience higher rates of financial abuse

Young West Australians are experiencing higher rates of financial abuse than their older peers, with almost half of millennials revealing they had been victims of the often unseen form of family violence.

This year’s Hidden Costs Report shows that 45 per cent of millennials — those born between 1981 and 1995 — reported they had experienced financial abuse.

The figure was almost as high for Gen Z (1996 to 2010), with two in five saying they too fell victim to financial abuse.

That contrasted with less than 30 per cent of Gen X (1966-1980) and one in four Baby Boomers (1946-1965).

The report also showed there had been an alarming increase overall in the number of West Australians experiencing financial abuse, rising from six per cent in 2021 to 35 per cent this year.

Financial abuse occurs when a perpetrator uses money as a means to exert power and control over their victim.

It can include taking away an individual’s access to money, manipulating financial decisions to deprive someone of their funds or using their money without their consent.

It can also include stopping someone from getting a job or forcing them to take out a loan when they don’t want to.

According to the research, more than half of the respondents (56 per cent) said they felt unable to seek help because they believed that if they did it would not change anything.

Women were also more likely than men to cite the risk of the perpetrator finding out as a barrier to receiving support, with 79 percent reporting that as a reason compared with 66 per cent of men.

Around 79 per cent of women also reported fear of retaliation as another reason for not reporting the abuse, while three-quarters of women said embarrassment was another barrier.

Compiled by Bankwest, the report is released each year to coincide with the annual 16 Days in WA campaign against gender-based violence.

Sabine Winton, Minister for Prevention of Family and Domestic Violence, said the report’s findings highlighted how crucial it was to raise awareness about what coercive control looked like in relationships.

“Financial abuse is an insidious form of coercive control, which is family and domestic violence, and can have a devastating impact on victim-survivors’ autonomy and sense of security,” she said.

“That’s why the Cook Government launched a $5 million two-year public awareness campaign in September to educate people on how to identify the signs of coercive control.”

Anglicare WA chief executive Mark Glasson said it was concerning to see how hard people found it to reach out for help.

“We need to de-stigmatise conversations at home and in the workplace about money, debt, financial hardship and FDV and normalise reading out for help from a financial counsellor when things get tough or don’t feel right,” he said.