When I was a child, my mother Rosemary would tell me she wanted to leave my father, but said she had no money to do it. My dad controlled the purse strings. Everything was in his name: the house, the bank account and the car. She had to ask him for money and he would scrutinise her spending.
Rosemary stuck with him for more than four decades until one day he finally told her he had a secret second family.
Financial dependence is one of the biggest barriers to escaping an abusive relationship, says Hayley Foster, CEO of Full Stop Australia, which provides services for those experiencing sexual assault and family violence. The definition of violence includes physical, verbal, sexual, emotional, psychological or economic abuse.
Around 2.2 million Australians have experienced physical or sexual violence from a partner while 3.6 million have experienced emotional abuse.
Fleeing an abusive relationship can be financially overwhelming as it disrupts a person’s working life, plus they have to fund a new, safe place to live. It can cost a family around $20,000, according to research by the ACTU. It’s time consuming, too, with the ACTU estimating it takes 141 hours to set up a new home and deal with the legal issues of a separation.
Many people who leave can’t afford to set up a new home. More than 116,000 people escaping domestic violence, including a proportion of men, were assisted by specialist homelessness services in 202021, according to the Australian Institute of Health and Welfare. “The most important things they need are a roof over their head, food, transport to school and something nice for the kids,” says Foster.
Esta historia es de la edición March 2022 de Money Magazine Australia.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición March 2022 de Money Magazine Australia.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
An outrageous, beautiful monopoly
Telstra's mobile business is a cash machine with few competitors, giving it the highest returns in the world.
Drop the anchor to judge value
Buying and selling decisions should be based on where a stock price is going, not where it has been.
Powering the AI boom
Beyond the software and chipmakers, where will the energy come from?
Get into life
Tucked inside super are products that can protect you from life's inevitable uncertainties.
Paths to home ownership
Taking the road less travelled can sometimes deliver unexpected benefits.
Sold! Quick ways to add value
Small, strategic changes can have a big impact on the look and feel of your home. And get you a better price on auction day.
Money lessons the kids need to know
Your children can learn a lot from your past money mishaps. Here are eight financial conversations I have had with mine.
Property-investing rules: are they likely to change?
The pressure for the government to curb the tax benefits of tax concessions, such as negative gearing and the capital gains tax discount, is unrelenting. Most recently, independent senators David Pocock and Jacqui Lambie proposed five options for paring back investment property tax concessions, with savings to the Federal budget of up to $60 billion over the next decade.
What's love got to do with it?
A rollercoaster of emotions could be driving poor crypto behaviour.
Are we ready to be cash-free?
Saying goodbye to our piggy banks too soon could leave small businesses in the dark when problems arise.