CBA launches Next Chapter to curb financial abuse caused by domestic violence
Commonwealth Bank has launched a new assistance program to help stop financial abuse caused by domestic violence.
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Commonwealth Bank will initiate a new assistance program to support people being affected by financial abuse, which is usually associated with domestic and family violence.
Australia largest bank has launched its Next Chapter program, a support service designed to assist victims of financial abuse to become financially independent.
CBA’s new service coincides with the release of its community attitudes report, which surveyed 10,000 Australians and revealed 26 per cent of respondents had experienced some form of financial abuse.
The survey, which was conducted in conjunction with YouGov, showed 12 per cent of Australians had known someone who had been impacted by financial abuse, and four in five respondents agreed it was a widespread problem.
It also revealed 79 per cent of people had no idea financial abuse support was available, and more than half of the responses believed major banks should be doing more to address the issue.
CBA chief executive Matt Comyn said financial abuse was a “hidden epidemic” that impacted one in four Australians.
“Financial abuse is one of the most powerful ways to keep someone trapped in a domestic and family violence situation, causing victims and survivors serious financial stress both during the situation and for some time after they leave,” Mr Comyn said.
“We want to make it easier for victims and survivors to break free of the financial shackles of their abusers and to get the help they need to start the next chapter of their lives and achieve long-term financial independence.”
The bank’s Next Chapter program is in partnership with Good Shepherd and will provide financial coaching to people impacted by domestic and financial abuse.
CBA’s research also noted that 9 per cent, or 1.8 million Australians, admitted to having been a perpetrator of financial abuse.
The most common behaviours by a perpetrator are using a partner’s wages for household expenses and then using their own money for their personal benefit, hiding assets, taking complete control of their partner’s finances and refusing to contribute to the household.
Originally published as CBA launches Next Chapter to curb financial abuse caused by domestic violence