Financial abuse is unacceptable and we’re here to provide the information you need to help keep you safe. It can happen to anyone, at any time, no matter their age, gender or sexual orientation. 

What is financial abuse?

Financial abuse is when someone attempts to restrict access to your money, control your financial decisions or use your money without your consent.  

Here are some examples of financial abuse: 

  • Preventing access to joint funds, causing financial hardship. 
  • Forcing access to your bank accounts to make transactions without your permission.
  • Putting you on a weekly allowance, even if you object.
  • Overusing credit cards or refusing to pay bills and ruining your credit rating.
  • Forcing you to cash in, sell or sign over your financial assets or inheritance.
  • Forcing you to agree to a power of attorney that would allow someone else to legally sign documents on your behalf.

Possible scenario

Christine shares a bank account with her partner. When they separated, her partner withdrew a large sum of money from their joint account without her consent or knowledge and then changed the account so that she could not access it without her partner's approval. Christine has no other source of income, so this left her with no money to live on. 

How to get help and prevent financial abuse 

Remember, there are no circumstances in which financial abuse is acceptable. If you think this may be happening to you, there are ways to get help and regain your independence. For all support resources, you can ask for an interpreter or translator if you need one.  

  • If you’re not feeling safe, you should always call 000 in an emergency. 
  • If you'd like to talk to someone, you can call 1800 RESPECT on 1800 737 732 for free and confidential counselling. 
  • If you’re looking for help to get back on your feet, you can visit the Good Shepherd Financial Independence Hub or call on 1300 050 150.
  • For women, non-binary and gender-diverse people who are keen to start making a plan to regain their independence, they can book an appointment with a Money Clinic specialist at the Centre for Women's Economic Safety.
  • If you're struggling with debt, you can visit the National Debt Helpline or call on 1800 007 007.
If you worry that your own behaviour could potentially be recognised as abusive, please seek support. It takes strength and courage to admit to using violence or control. Free and confidential support is available for men who have been or are behaving abusively - call the Men’s Referral Service at  1300 766 491 or chat to a Counsellor online at the No to Violence website.
 

4 simple ways to guard against financial abuse

It’s important to understand the risks involved when setting up a joint account with someone. You’re essentially allowing control and sharing your finances with another person. 

Here are some ways you can prevent financial abuse from happening to you:

  1. Understand what you’re signing and don’t give up control over your money. AMP Bank offers Offset Deposit Accounts in individual names linked to a joint home loan account.  
  2. Keep your personal information safe. Change your passwords, PIN, codes, and login information regularly. Secure your important documents in a safe place.
  3. Set aside some savings and work towards supporting yourself. Try to remove yourself from depending on someone else for your financial wellbeing.
  4. Recognise the signs of financial abuse. For example, are you:
    1. being pressured to give or lend money?
    2. being isolated from your family and friends?
    3. being denied access to your own accounts?
    4. being blamed for financial problems?

We're here to help

If you’re experiencing or suspect financial abuse involving any of your accounts with us, reach out to speak to us about how we can help you manage your finances during difficult circumstances.

Banking

13 30 30
ab_credit_services_hardship@ampbanking.com.au

9am - 5pm, Monday to Friday (Sydney time)

 

Super & retirement enquiries

131 267
askamp@amp.com.au

Mon - Fri: 8.30am – 7pm (AEST)

 

What you need to know

Before deciding what’s right for you, it’s important to consider your particular circumstances and read the relevant Product Disclosure Statement, Target Market Determination or Terms and Conditions available from AMP at amp.com.au or by calling 131 267.

Any advice and information provided is general in nature, hasn’t taken your circumstances into account, and is provided by AWM Services Pty Ltd ABN 15 139 353 496 (AWM Services), which is part of the AMP group (AMP). Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you. All information on this website is subject to change without notice.