‘Makes my blood boil’: Horrendous situations young women face

Young women are sharing their stories about financial abuse and there are some that will “make your blood boil”.

Jessica Brown has heard too many “horrendous” stories to count.

The chief executive and founder of new Australian charity, The Warrior Woman Foundation, has seen first-hand the kinds of financial abuse women are facing.

“One of the most horrendous ones that makes my blood boil is (partners) stopping them from being independent, getting a job,” she said.

“One women had an important meeting at work the next day, so she was kept up all night and he hurt her to prevent her going to the meeting.

“We had one young girl who was stopped from studying.”

Ms Brown was reading the stories in applications for her charity’s Young Warrior Woman Program.

The former NSW woman of the year started The Warrior Woman Foundation to help young and vulnerable women in out-of-home care transition into adulthood.

RELATED: Sydney mum’s coercive control torment

Women may not even realise they’re being financially abused.

She helps women from low socio-economic backgrounds and foster care who have struggled with mental illness, substance abuse, relationship abuse, family issues and insufficient education.

“It’s horrendous these stories, really, really horrendous,” she said.

“Sometimes with coercive behaviour it’s so gradual, they don’t see the difference straight away. It’s a slow burn.

“A lot of them are empty shells of themselves. They just suck the absolute soul out of them, they’re so drained, they have so much doubt about their own abilities.

“The sad thing is a lot say, ‘It’s my fault, I’m bad with money,’ and they don’t go for legal help.”

The foundation links women to financial abuse legal centres and has mentors to help them through the process of consolidating any debt.

While Ms Brown started the charity last year, she has been working with vulnerable women for a long time and saw a greater need to help them.

The foundation’s aim is to teach younger generations about financial literacy, signs of financial abuse, how to prevent it and stand on your own two feet.

“We have a bit of a mantra that financial literacy is the difference between being able to make your own decisions or have them made for you,” she said.

“Women earn 14 per cent less in Australia so it’s about addressing that inequality so women, when they get to age 55, they actually have some money. Women have $250,000 less than male counterparts when they get to retirement which is awful.”

RELATED: Simple request that sparked years of financial abuse

Ms Brown said some of the signs women are being financially abused include their partners controlling how all household income is spent, forcing them to claim social security benefits like Centrelink, forcing them to go guarantor on a loan in their name, making their partner take out a second credit card in their name and racking up debt, and forging signatures.

Other red flags can be withholding financial support or gambling away money.

Ms Brown said it was important women stayed in touch with people they trusted, weren’t afraid to talk about their situation and learnt how to recognise and avoid financial scams.

This can include regularly checking financial statements for transactions and not giving away any control of accounts.

“It’s really simple stuff like opening your own mail and storing documents and account logins in a safe and secure place,” she said.

“If they’re lending money, have it in writing, and don’t sign documents you don’t understand.”

Ms Brown said financial abuse could happen to anyone, not just vulnerable women.

“Just because you don’t have bruises, the scars of financial abuse are still visible,” she said.

The Young Warrior Woman Progam is taking applications now.

The foundation also runs a financial training program for vulnerable women, called Penny Wise Warriors, which teaches young women necessary financial skills and education to escape low socio-economic circumstances and abuse.