Almost one in five young women and girls in the UK have experienced digital financial products being used as a tool of abuse by a current or former partner, according to a new report. Research from the charity Surviving Economic Abuse indicates that abusers are exploiting banking apps, online payments, and digital credit to control young women, causing financial harm and preventing them from leaving relationships.
The report, titled "Access Denied, Futures Derailed," involved a nationally representative survey of young women and teenage girls aged 16-24, conducted with Ipsos UK. It found that approximately 700,000 individuals in this age group have been affected by this form of abuse. Rates were highest among disabled young women and those with caring responsibilities for children.
The research highlighted specific tactics, with one in eight girls and young women reporting that a current or ex-partner prevented them from having login information for online banking or controlled their digital wallets. Additionally, 7% of respondents stated an abuser took out credit in their name without consent, including from "buy now, pay later" lenders.
More than 40% of those who experienced abuse reported financial difficulty, and half said it negatively impacted their mental health. Over a third indicated that economic abuse prevented them from leaving an abusive relationship, and one in six had to borrow money to cover essential items or bills.
Experts and survivors are calling for ministers to use the promised financial education curriculum to educate young people about economic abuse. They also urge financial services to remove opportunities for domestic abusers to exploit digital financial products and to create additional protections for survivors, particularly when integrating AI into their systems.
Sam Smethers, chief executive of Surviving Economic Abuse, described digital financial products as "weapons of abuse." The minister for safeguarding and violence against women and girls, Satvir Kaur, acknowledged the report, stating that the government aims to halve violence against women and girls in a decade and is working with partners, including the banking sector, to help recognise economic abuse and support victims.