"Financial domestic abuse is chronically unreported; it is a form of coercive control that is widespread in our society. "
- Gina Miller, founder of MoneyShe
New research, launched on International Day for the Elimination of Violence Against Women, finds that almost a third (29%) of women feel trapped in a relationship or situation due to a lack of financial independence. The research also highlights that more than 75% of women are not confident that they will be able to afford a comfortable life in retirement.
The findings from MoneyShe underscore how critical financial independence is for women’s safety, security, and freedom.
The research also shows that 43% of women lacked knowledge about investment options and 39% would invest more in their pension if they had more financial education and resources.
A separate report published earlier this year by the charity Surviving Economic Abuse found that one in eight UK women who held a joint mortgage in the last two years experienced joint mortgage economic abuse from a current or former partner. Of the women who experienced this form of abuse, over three quarters (78%) felt unable to leave their partner or an unsafe living arrangement due to abuse through the joint mortgage.
Gina Miller, founder of MoneyShe, commented: "Financial domestic abuse is chronically unreported; it is a form of coercive control that is widespread in our society. This happened to me, and it didn’t happen overnight. It was a series of behaviours which led me to rely on him to look after our finances, ‘save’ for our and our children’s future and manage the household income. It left me vulnerable. When I left, I left with nothing to get out. I am determined to change this through MoneyShe. To provide women tools, education, confidence and investment solutions to empower them for a lifetime of success, resilience and most importantly choice."
Tim Campbell, MoneyShe investor, added: “As a successful entrepreneur, I know how easy it is to put everything into your business and neglect your own personal finances. I made the effort to start investing early but it hasn’t been an easy journey. The industry gatekeepers use language that is intimidating which I know from speaking to my wife, daughter and female friends, which contributes to the gender investment gap. It shouldn’t be like this. I want all women to access the benefits of investing and feel secure that they have the choices financial freedom affords investors – be it to leave an abusive situation, start a business, support their favourite charity, and live with dignity in older age, which is why I’m delighted to join MoneyShe’s mission.”
