Australians believe companies have a responsibility to protect consumers from financial abuse, a hidden and pervasive form of domestic and family violence.
The inaugural respect and protect index 2025, released today by social enterprise Flequity Ventures, shows 96 per cent of Australians agree companies should aim to protect customers from financial abuse.
This type of abuse often traps victims in cycles of financial dependence and hardship for many years, and it affects one in six Australian women and one in 13 men, according to the Australian Bureau of Statistics. It;s almost as prevalent as physical violence and is a tactic of coercive control, which is a lead indicator of homicide.
Businesses may unintentionally help financial abusers when perpetrators misuse services like banks, insurance, superannuation, telecommunications, energy and water to threaten victim-survivors or accrue debts in their name, leaving them financially devastated.
Providing a snapshot of community attitudes on actions from businesses to prevent financial abuse, Flequity Ventures commissioned Octopus Research to survey 1,000 Australians.
Flequity’s index shows three in four Australians want financial abuse protections from companies they deal with, and nearly a quarter (23 per cent) are prepared to switch companies based on their actions to address the issue.
Three in five Australians say the issue of financial abuse is important to them personally, and this is especially true for single parents (76 per cent).
Seen as having the greatest responsibility to act is the financial services sector, with insurance, superannuation, wealth/investments and banking also ranked high. Other sectors mentioned include utilities, telecommunications, property, technology, education and retail.
Ninety-two per cent of Australians think companies could be doing more to protect customers from financial abuse.
“More than 20 million customers have been told businesses won’t condone disrespectful and controlling behaviour, and they’ll change their practices to explicitly forbid and censure it,” says Flequity founder and director Catherine Fitzpatrick, also Adjunct Associate Professor UNSW School of Social Sciences.
“We know few customers read the fine print of their contracts. But they want protection, and they want to know more. We urge all businesses with joint accounts, credit and online services to join the first movers of this globally leading action. Doing nothing is no longer an option.”
Respect and protect is a public awareness campaign which aims to encourage businesses to adopt terms and conditions to make it clear that financial abuse is an unacceptable customer behaviour that may result in a warning, account suspension or closure, or report to law enforcement.
Nearly 50 Australian businesses across 10 sectors – including essential services, facilities financing and management, finance, telecommunications, education, technology and transport – have already included, or are on track to implement, financial abuse bans in their terms and conditions.
If you or someone you know is experiencing, or at risk of experiencing, domestic, family or sexual violence, call 1800RESPECT on 1800 737 732, text 0458 737 732 or visit 1800RESPECT.org.au for online chat and video call services.
If you are concerned about your behaviour or use of violence, you can contact the Men’s Referral Service on 1300 766 491 or visit http://www.ntv.org.au.
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