5th3rd Bank Family Mankind Empower U Financial Wellness Seminar

Money and domestic violence might not seem related, but financial literacy can play a powerful role in helping survivors recover from domestic violence and might even help prevent abuse in the first place. Family Mankind and 5th3rd Bank believes a financial education curriculum leads to smarter financial behavior and less financial stress among domestic violence survivors.

Many survivors have a hard time leaving their relationship when it comes to money – access to money or knowledge to manage money once they have it or are trying to build assets. We want women and men who are victims and survivors of DV to be financially self-sufficient and more confident in managing money.

We also want to teach these remarkable individuals in addition to the personal finance basics, like budgeting, but also how to recover financially from an abusive relationship. This includes information on separating joint accounts, improving credit that was damaged by an abusive partner, and creating economic safety plans.

Healthy financial relationships involve open communication, even when partners disagree, and both parties should have access to money and information about how money is spent. In financially abusive relationships, one partner often controls the money and might even steal the other person’s identity or prevent her/him from working.

One lesson suggests the following steps for survivors to take back control over their money:

1. Build your financial confidence by learning more about money management.

2. Collect the details of your financial life, including your existing accounts, assets, and any debts. Abusers often hide this information from their partners. A survivor should keep all of this information, as well as essential documents, like birth certificates, in a safe place.

3. Save money in your own name, so you have access to cash. If this is difficult because you’re still in the abusive relationship, then another option is to take money out of your paycheck and put it into a separate account under a friend’s address so the abuser doesn’t find out about it.

4. When leaving an abusive relationship, try to take at least half of the money from all joint accounts, so the abuser doesn’t drain the accounts and leave you with nothing.

5. Build a credit history in your own name by having your own credit card, bank account, and other accounts. Protect your identity by keeping your Social Security number and other personal details safe and sharing them with as few people as possible. Be especially wary of any requests for information over e-mail, even it appears to be from your bank.

About one in four women and 1 in 7 men experience domestic violence in their lifetime, according to the National Coalition Against Domestic Violence. The Family Mankind program, which started three years ago, has helped thousands of survivors along with their family and community supporters work toward greater financial independence, and has trained just as many abusers to permanently eradicate violence against women, men, children, the LGBTQIA+, the elderly, Veterans, and individuals living with disabilities, about financial empowerment that prevents abuse.

Learning the impactful lessons and warning signs of financial abuse in relationships, coupled with economic safety, which could potentially help them avoid abusive partners. Financial abuse is a distinct form of abuse that can be a precursor to other types of violence within relationships.  If women and men recognize the red flags before it escalates to that point, then perhaps they could leave in time.

Topic: 5th3rd Family Mankind Empower U Seminar

Time: Mar 20, 2021 10:00 AM Eastern Time (US and Canada)

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