THERE are numerous forms of abuse most of which are widely spoken about, but the one that isn’t given much attention is financial abuse.
Financial abuse is a form of family violence. It can include withholding money, controlling all the household spending or refusing to include a spouse / family member in financial decisions. It can even include stopping a family member from earning their own income.
Storm Hurlbatt from Glen Hills, a financial advisor at Hurlbatt & Associates, is all about helping people make the right financial choices. She has a BA Degree in Brand Building and Business Management, and when she’s not talking about money matters, Hurlbatt manages her Facebook and Instagram page called Make Noise, which invites victims of abuse to share their stories.
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“We’re living in different times now where women are becoming CEOs and business owners. In the past, one salary was enough to support a household, but now, two are needed, so some women have had to go out and find jobs or find a way to create an income stream,” she said.
She added that although these women knew how to make money, they sometimes had no idea how to manage or protect their money. Then there are those whose partners control their income, which is actually financial abuse. That’s where Hurlbatt comes in as a financial advisor to advise women, and men, on how to protect their money.
“I have had numerous clients come in to see me who were being financially abused but did not want to admit it. I noticed what was happening before they even told me. I advised one of my clients to invest a few hundred every month and forget about it. Rainy days come, life changes – you need to have some emergency fund available to you,” she said.
“Financial abuse is where you have to ask your partner how to spend your own money. Withholding money, stealing money and restricting the use of finances are some examples of financial abuse. I think most women know when they are being financially abused, and because it is a from of domestic abuse, I advise these women to speak to a professional about it,” said Hurlbatt.
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She advised women to budget and make note of where they spend the most money, and then find ways to lessen their spending in those areas.
“A lot of women don’t have emergency savings and are not insured. A life insurance policy is a must. If you don’t know how to go about finding a policy or information on financial matters, seek advise from a financial planner,” added Hurlbatt.
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