Content warning: Family and domestic violence and elder abuse.
In Australia today, physical or sexual violence is experienced by 1 in 6 women and 1 in 18 men at the hands of partners or family members. In addition, 1 in 6 women and 1 in 13 men experience economic abuse, and 1 in 4 women and 1 in 7 men experience emotional abuse.
Domestic violence doesn’t just occur in romantic relationships. It can be an issue in family dynamics or any dynamic where there is a real or perceived power imbalance, such as patient and carer. Elder abuse, in particular, is also a growing issue. According to the Australian Institute of Health and Welfare, some 598,000 or 15% of older Australians experienced abuse in the last year.
Alongside the wealth of emotional, physical and legal resources and support required to leave a relationship or extricate yourself from a controlling dynamic, it also requires financial support and knowledge.
Financial literacy is critical
Financial literacy is key to protecting or reinstating financial well-being. And if you’re struggling to get your head around your finances, you are not alone. According to the recent Your Financial Wellness report, 60% of Australians failed to correctly answer the OECD’s foundational financial literacy questions.
Whether you are currently experiencing family or domestic violence issues or you just want to safeguard your future, understanding finances is critical.
Alongside support from your Apt adviser, there are some excellent resources out there, from financial counsellors to online resources such as www.yourmoney.gov.au.
Dedicated financial support for those experiencing domestic or family violence
Today, many banks provide dedicated support for those experiencing domestic violence, such as CommBank’s program with Next Chapter, and many of these don’t require you to be an existing customer.
For those experiencing violence, there are dedicated organisations, such as Financial Superwomen, that assist those who have experienced domestic violence to build financial literacy. In addition to resources and workshops, Financial Superwomen also provides vital support in connecting people to services that can help them in their next stage of life, such as counsellors, lawyers and accommodation assistance.
For more information on Financial Superwomen’s services, visit https://financialsuperwomen.net.au/.
How your Apt adviser can assist
Alongside answering questions or pointing you in the direction of financial literacy resources, your Apt adviser can help you safeguard your privacy and your finances in the event of any relationship breakdown. So it’s important you contact them as soon as possible if you are facing uncertainty about a dynamic in your life that involves your finances.
We can help you to navigate the financial steps required, including:
- removing access to your information from a domestic partner or family member
- separating your file, financial needs and goals from an existing advice relationship
- discussing a second adviser to represent different parties if you have engaged Apt Wealth as a couple or family.
Help is at hand.
If you are experiencing domestic or family violence, confidential help is at hand 24/7 by calling 1800 RESPECT on 1800 737 732. Lifeline counsellors are also available 24/7 on 13 11 14.
General Advice warning
The information provided in this blog does not constitute financial product advice or a recommendation to purchase a particular product. The information is of a general nature only and does not take into account your individual objectives, financial situation or needs. It should not be used, relied upon, or treated as a substitute for specific professional advice. Apt Wealth Partners Pty Ltd is not a registered Tax Agent. You should consider your individual situation and seek tax advice from a registered tax agent before making any decision based on the content of this document. Apt Wealth Partners (AFSL and ACL 436121 ABN 49 159 583 847) recommends that you obtain professional advice before making any decision in relation to your particular requirements or circumstances.
