Breaking Free: Financial Literacy Empowers Domestic Violence Survivors

Remote Work: A Double-Edged Sword for Domestic Violence Victims

Remote work, hailed for its convenience and flexibility, has inadvertently become a double-edged sword for domestic violence victims. While it eliminates the daily commute, it also increases the risk of emotional, physical, and financial abuse. According to the American Journal of Emergency Medicine, domestic violence cases surged between 25% to 35% globally with the onset of the pandemic in 2020, with no signs of abating. Financial dependency is a common tool abusers use to maintain power and control, isolating victims and preventing them from achieving independence.

Financial Literacy: The Key to Escaping Abuse

Without financial literacy, escaping an abusive relationship can be nearly impossible. Particularly for Black women, who are disproportionately affected, the challenges are compounded. The National Coalition Against Domestic Violence reports that victims lose a total of 8.0 million days of paid work each year, costing over $8.3 billion annually. Up to 60% of victims lose their jobs due to abuse, with economic dependence statistically correlating with the severity of abuse endured.

Empowering Survivors with Financial Strategies

In support of Domestic Violence Awareness Month, the Insurance Information Institute offers five financial strategies to protect victims financially: securing financial records, understanding financial standing, building a safety net, making necessary insurance changes, and maintaining good credit. Credit-based insurance scores, which many insurers use to underwrite and price policies, are particularly important for homeowners' and personal automobile insurance. Ruth Glenn, president and CEO of the NCADV, emphasizes the importance of financial education, stating, "The financial education provided by the Insurance Information Institute can be life-saving."

For those in crisis, immediate assistance is available by calling 1-800-799-SAFE (7233).