New research from Surviving Economic Abuse (SEA), supported by TSB, suggests young people aged 18-24 are less likely than other age groups to spot economic abuse. This is despite young women experiencing this form of domestic abuse at a much higher rate.
Figures released from the survey show that nearly one in four UK adults identified one or more warning signs – such as a partner controlling spending, stopping them from working or taking out credit in their name without their consent – as either “probably” or “definitely” not economic abuse.
Shockingly, 7% of UK adults didn’t recognise any of the examples of economic abuse or were not sure.
Over a third (36%) of 18-24-year-olds missed one or more signs, double the rate of those aged 55 or over.
The data suggests young women are at greater risk: around one in six UK women experienced economic abuse from a current or ex-partner in the last year – rising to one in four among 18-24-year-olds.
To tackle this, SEA and TSB have launched the Spotting the Signs Challenge, a national campaign helping people recognise the red flags of economic abuse and safely take action.
Economic abuse is a devastating form of domestic abuse, with analysis of the survey data suggesting that 4.2 million UK women were affected in the last year alone. TSB has also seen first-hand from its Emergency Flee Fund that men can be impacted too.
It involves a current or ex-partner controlling someone’s money and resources to trap them in a dangerous situation. Two-thirds (67%) of women reported experiencing economic abuse alongside other forms of domestic abuse.
Despite its scale, half of UK adults report they don’t know anything about the term “economic abuse”. Survivors are more than three times more likely to say they had sought information, help or advice from a friend, family member or new partner (39%) than a community organisation, charity or specialist service (11%), indicating that friends and family are key to recognising economic abuse and helping someone to safety.
SEA has partnered with TSB to help raise awareness and ensure victim-survivors can access support, including from their bank. TSB’s Flee Fund provides survivors with immediate access to up to £500 to escape a dangerous abuser and has helped over 800 people since its launch in December 2022.
Sam Smethers, CEO of Surviving Economic Abuse, said: “Our research is a wake-up call: too many young people don’t recognise the signs of economic abuse, even though nearly one in four young women experience it – higher than any other age group. But this isn’t just a young person’s issue – we need to raise awareness across all generations so everyone knows how to spot and respond to this hidden form of abuse.
“That’s why we’ve partnered with TSB to launch the Spotting the Signs Challenge. We all know how to act when someone is in physical danger, but when someone’s economic freedom is stripped away, leaving them trapped with a dangerous partner, far too many people don’t know what to do.
“Support is out there. Banks like TSB and specialist charities like SEA are ready to help survivors rebuild their lives – but we need your help to ensure they reach us. By recognising and naming economic abuse, you can make the difference between someone staying trapped with an abuser and taking their first step towards safety. Simply spotting it could change and save a life.”
Kate Osiadacz, head of responsible business at TSB, said: “The impact of economic abuse on individuals can be devastating, trapping victims in a spiral of debt and stripping them of their financial independence – and in the worst cases, leading to the loss of life.
“We hope the launch of this Challenge will spark a conversation about economic abuse and help people spot the signs of this crime, so that survivors can identify and access the help they need.”
