Advocates know that even after domestic violence survivors leave violent relationships, there are many obstacles standing between them and long-term stability. Economic insecurity--the challenges survivors face in rebuilding their financial lives--is one of the most difficult to overcome. That's why advocates are increasingly turning to asset building as a strategy to set survivors on the path to economic solvency.
Asset building is the means by which individuals increase both their financial assets--like salary and savings--and tangible assets, such as cars and property. Focusing on building their assets in the aftermath of violence is a way for survivors to ensure their long-term safety and security.
By the time survivors succeed in extricating themselves from their abusers for good, many have experienced years of economic abuse that has thwarted their ability to save money, establish credit and acquire fundamental financial literacy. Economic abuse can come in the form of withholding the victim's paycheck, denying funds needed to buy basic necessities and even credit fraud. Given the long-term effects of such abuses, it's no surprise that many victims emerge from abusive relationships in a financially precarious position.
After years of documenting the struggles of survivors and their families to rebuild in the aftermath of violence, the federal government introduced a program through the Department of Health and Human Services to help DV organizations support clients in their financial lives. HHS funds grants to teach service providers best practices for financial literacy programs, and also helps them partner with financial institutions to provide information and trainings to the victims they serve. The HHS program additionally creates awareness-raising resources to help survivors and the public learn more about economic abuse and financial empowerment. The National Resource Center on Domestic Violence, one of the program grantees, created an online special resource collection specifically on asset building.
Some domestic violence agencies now make screening for economic abuse and instability a regular part of their intake procedures. By assessing things like debt level, credit history and banking needs, advocate are able to identify potential barriers to survivors' future safety. Another benefit of this type of assessment is that it encourages survivors to talk openly and plainly about their personal finances, a topic that can cause anxiety even for people who haven't experienced economic abuse.
If you're a domestic violence service provider, consider incorporating financial literacy into your core services. There are many resources available online to get you started. Helping survivors take control of their financial futures has both material and psychological benefits, and is an essential part of supporting families as they work toward long-term solvency, stability and safety.
