Bankwest study exposes rising financial abuse and barriers to seeking help in WA
Younger generations in Western Australia are experiencing financial abuse at significantly higher rates than older age groups, according to a new report from Bankwest.
The findings are part of the bank’s 2024 Hidden Costs Report, which surveyed more than 1,000 Western Australian adults. The report, released in support of the WA Government’s 16 Days in WA campaign to combat gender-based violence, sheds light on financial abuse – a form of domestic violence in which money is used to exert power and control.
The data shows financial abuse affects two in five Gen Z respondents (40%) and nearly half of Millennials (45%), compared with 30% of Gen X and 25% of Baby Boomers. Overall, the prevalence of financial abuse has increased across the state, with more than one-third (35%) of respondents reporting they had experienced it – a 6% rise since 2021.
Despite growing awareness, more than half of those affected (56%) reported barriers to seeking help, citing a lack of belief that support would be effective.
The report also highlights a gender disparity in perceptions of seeking assistance. Men were twice as likely as women (38% versus 19%) to believe it was easy for financial abuse victims to find support. Conversely, 68% of women said seeking help was difficult, compared to 45% of men.
Key barriers identified by respondents included fears of retaliation (cited by 79% of women and 67% of men), the perpetrator finding out (79% of women versus 66% of men), and feelings of embarrassment (74% of women versus 60% of men).
The research also revealed a gap in understanding between those with lived experience of financial abuse and those without. Among respondents who had not experienced financial abuse, 89% said they would seek help if they or someone they knew were victims. However, only 69% of those who had experienced abuse and sought help said they would do so again, highlighting the challenges and stigma faced by survivors.
Another concerning finding was the correlation between victimisation and perpetration. A third (33%) of those who had experienced financial abuse admitted to also perpetrating it, compared with just 5% of those who had not experienced it. Men who were victims were more than twice as likely as women (46% versus 20%) to also perpetrate financial abuse, suggesting the behaviour may become normalised through experience.
“Financial abuse is a form of family and domestic violence and Bankwest’s Hidden Costs Report has become an important source of information on the prevalence of this silent scourge within our communities,” said Jodene Murphy (pictured above left), Bankwest’s general manager of customer, marketing and communications.
“We'll continue to work collaboratively with government, industry, and our critical community partners to shine a light on this issue and support customers who find themselves in vulnerable circumstances.”
Sabine Winton (pictured above right), minister for the prevention of family and domestic violence, noted that the findings in Bankwest’s Hidden Costs Report highlight how crucial it is to raise awareness about what coercive control can look like in relationships.
“That’s why the Cook government launched a $5 million, two-year public awareness campaign in September to educate people on how to identify the signs of coercive control,” Winton said. “With the state government’s 16 Days in WA campaign underway, I encourage all Western Australians to consider how they can play their part in preventing family and domestic violence. Together, we can make a real difference by taking action to stop violence before it starts.”
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