Financial Empowerment

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Financial Empowerment
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Goal of Presentation

• This presentation will explore the use of
  financial abuse by batterers to control and
  isolate their partners, and focus on short and
  long term strategies to assist survivors to
  become financially independent.

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Objectives

• Identify forms of financial abuse
• Learn how to create a financial safety plan
• Learn how to help survivors set short term
  financial goals
• How to assist survivors to identify their
  financial fears and emotions attached to money

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Objectives

• Learn how to identify community resources
  available to assist survivors to become
  economically independent
• Learn how to assist survivors to understand
  credit, get a credit report/score, and improve
  their credit rating

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The Problem

• Financial insecurity and economic abuse puts
  women in a position of choosing to stay in an
  abusive relationship or face poverty and
  homelessness
• Once they do leave they face many economic
  barriers
• Many women do not recognize they are being
  financially abused

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Power and Control Wheel
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What is financial abuse?

• Financially healthy relationships
• Definition of economic abuse
• Forms of economic abuse
• Prevent her from acquiring employment and
  resources
• Prevent her from using resources
• Prevent her from maintaining resources
• Effects of economic abuse
• Creates economic dependence on the abuser
• A lack of resources will hinder her ability to
  leave
• Will significantly lower her standard of living
• Adams, Sullivan, Bybee Greeson (2008)

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Helping clients identify economic abuse

• Does your partner
• Steal money from you or your family
• Makes financial decisions without talking to you
• Forbids you from working or going to school
• Overuses credit cards in your name or both of
  your names
• Prevents you from obtaining or using credit, or
  debit cards
• Demands receipts and change when you spend money
• Withhold physical necessities such as food and
  clothes

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Financial Safety Planning

• Getting your paperwork in order
• Protect your credit and assets
• Save money
• Identify individual, joint and hidden assets
• Assist the individual with creating a list
• When possible ask her to identify the approximate
  value of each asset

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Identifying Assets

• Questions to ask
• Are your property and financial assets held in
  both of your names?
• Is your apartment or home in both of your names?
• Do you have your own bank account or joint
  account?
• Does your partner own antiques, tools, artwork or
  other collections?
• Does your partner receive income not being
  reported to the government?

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Financial Fundamentals

• How to set short and long term goals
• Management of finances
• How to create a budget
• 3 simple steps
• Strategies for saving

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Managing debt
Creditor Balance due Interest rate Current monthly payment
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2.
3.
4.
Total debt and monthly payment
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Financial Fears

• Discuss the financial challenges to leaving
• How to address emotions attached to money
• Spending money to feed an emotional need
• Spending money once out of an abusive
  relationship
• Spending money out of guilt or to show love
• Find new ways to treat themselves
• Financial fear checklist

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Community resources

• Access to benefits assist in becoming
  economically empowered
• Become educated
• Build collaborations

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Understanding Credit

• Why is good credit important?
• Obtain and review credit report
• Equifax, Experian, and TransUnion
• Annual credit report request service 1 877 322
  8228
• http//www.annualcreditreport.com
• What is in a credit report?
• Understanding a credit score
• Improving a credit score
• Go to www.myfico.com

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Long term Planning

• Planning a will or a trust fund,
• Designate powers of attorney
• Power of attorney handout
• Purchase life insurance

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Questions