Economic Abuse and Predatory Financial Service use Among Intimate Partner Violence Survivors

Abstract Purpose Predatory financial services allow individuals to access financial resources quickly, but at high costs. Given the economic impacts that intimate partner violence (IPV), particularly economic abuse, often has, it is possible that survivors use predatory financial services to meet their basic financial needs. However, limited research has been done examining predatory financial service use among IPV survivors. The purpose of this exploratory study was to examine whether experiencing IPV, particularly economic abuse, is a predictor of predatory financial service use among survivors. Methods Data came from a non-probabilistic cross-sectional online survey administered in July 2022. Bivariate and multivariate ordinary least-squares linear multiple regression analyses were used to answer the research questions. Results Just over half of the sample reported using at least one predatory financial service in the past 30 days, with the most frequently used service being “using a reloadable debit card to make payments.” Factors positively associated with predatory financial service use included economic abuse, race/ethnicity (identifying as Black or African American, non-Hispanic compared to white, non-Hispanic), and material hardship, and factors negatively associated included education level (some college education compared to a high school degree or less) and having a personal bank account. Conclusions Findings suggest that survivors would benefit from policy-related advocacy that combats exploitative practices used by fringe financial service providers. Survivors may also benefit from programs that increase their awareness around other financial service options outside of “mainstream” services (e.g., credit unions), which often prioritize meeting the economic needs of underserved communities.