by Loretta L. WortersVice President, Media Relations, Triple-I
Remote work, while providing relief for many from long commutes and rising gas prices, can increase the vulnerability of domestic violence victims. Increased risks include not only emotional and physical but also financial abuse – often one of the main reasons victims are unable to leave or have to return to an abusive relationship.
Globally, domestic violence cases have increased between 25 percent and 35 percent since the start of the pandemic in 2020 and show few signs of abating. american journal of emergency medicine, Financial dependence is a common tool that abusers use to gain power and control in a relationship. Victims continue to be isolated, exploited, and prevented from developing the resilience needed to break free and achieve independence.
Without financial or insurance literacy, it can be nearly impossible for victims to rent an apartment or buy a car to escape the abuser—especially for black women, who are disproportionately affected.
In support of Domestic Violence Awareness Month, Triple-I offers five financial strategies victims can use to protect themselves financially before and after leaving an abusive relationship:
- Securing financial records including insurance policies;
- knowing where the victim stands financially;
- building a financial safety net;
- making necessary changes in insurance policies; And
- Maintaining good credit, which can also affect access to insurance.
Credit-based insurance scores are confidential numerical ratings based in whole or in part on a consumer’s credit information. Many insurers use these scores — in conjunction with other factors — to help underwrite and price policies, especially for homeowners and personal automobile insurance. Actuarial studies find a strong correlation between how people manage their financial affairs and their likelihood of submitting insurance claims.
Abuse victims often have bad credit for a variety of reasons. The National Coalition Against Domestic Violence (NCADV) reports that victims of intimate partner violence lose a total of 8.0 million days of paid work each year, at a cost of more than $8.3 billion. At least 60 percent of victims have lost their jobs for reasons arising from the abuse, and the amount of abuse women will endure is statistically correlated with the degree of economic dependence.
“Manipulating money and other economic resources is one of the most prominent forms of coercive control, and yet many victims do not even realize that they are being controlled,” said Ruth Glenn, president and CEO of NCADV and author of the memoir. being done.” everything i never dreamed of, which chronicles her fight against abuse, violence, and attempted murder. “That is why it is so important for victims to keep their checks, bank cards and insurance policies in a safe place that only they know about – and, when leaving the abusive relationship, that they go through an address confidentiality program. Take precautions to protect yourself from. ,
For those in distress and in need of immediate assistance, please call 1-800-799-SAFE (7233).
“The financial education provided by the Insurance Information Institute can be a life saver and will make a real difference for many people,” Glenn said.
Other insurance industry resources for victims of domestic violence are The Insurance Industry Charitable Foundation – which has volunteered at Mosaic House, a shelter for women and children fleeing domestic violence and human trafficking in North Texas, and Dawn Rising , has provided grants to organizations such as Humane. Choice, which supports Torrey’s Safe at Home Foundation, Philadelphia Children’s Alliance, Center for Safety and Change, Women Rising, The Wings Program, and Sara’s Inn – and The Allstate Foundation’s Relationship Abuse Program, which is the longest-running national program in the United States. On ending domestic violence through financial empowerment services for survivors.