Bankwest’s 2024 Hidden Costs Report has exposed a concerning generation gap, showing young Western Australians were experiencing financial abuse at rates significantly higher than older generations.
The Hidden Costs Report canvassed more than 1000 WA adults and was released as part of Bankwest’s support for the State Government’s annual 16 Days in WA campaign to end gender-based violence.
Bankwest each year commissions the independent Hidden Costs research to understand the prevalence of – and attitudes towards – financial abuse, a form of FDV in which money is used for power and control over someone.
The 2024 report uncovered a concerning trend of younger Western Australians experiencing financial abuse at disproportionately high rates, impacting two-in-five Gen Z (40%) and close to half of all Millennials (45%).
Those figures compared to fewer than a third (30%) of Gen X and a quarter (25%) of Baby Boomers.
The numbers coincided with a significant increase in the number of Western Australians who reported having experienced financial abuse, which rose six per cent from 2021 to sit at more than a third (35%) of respondents.
The rising reports of victim-survivors ran parallel with a sense of challenge in seeking support, with more than half (56%) citing a barrier to doing so was a lack of belief it would actually help.
The research also showed the vulnerability imbalance between men and women, with men twice as likely (38% to 19%) to find it easy for financial abuse victims to seek help, while far more women (68% to 45%) said it was hard.
The reasoning behind the imbalance was clear in respondents’ perception of barriers to reporting.
Women were more likely than men to cite the risk of the perpetrator finding out (79% to 66%), the risk of retaliation from the perpetrator (79% to 67%), and embarrassment (74% to 60%) as barriers to receiving support.
There was also a troubling difference in perception of seeking support between those who had not experienced financial abuse and those with lived experience, highlighting a need for greater awareness and understanding.
The vast majority (89%) of those with no lived experience said they would seek help if they or someone they knew experienced abuse, but that number plummeted (69%) among those who actually experienced it and sought help.
The 2024 report also found a third (33%) of financial abuse victim-survivors admitted to having also perpetrated abuse, suggesting the experiencing of financial abuse could contribute to the normalisation of the behaviour.
The rate was significantly higher than those who reported having perpetrated abuse but had not experienced it themselves (5%), with male victim-survivors more than twice as likely than female (46% to 20%) to also perpetrate.
Quotes
Attributed to: Jodene Murphy – Bankwest General Manager Customer, Marketing and Communications
“Bankwest has been a part of the fabric of WA for almost 130 years and we remain as committed as ever to supporting the communities of our home state on the issues that matter to our customers.
“The Hidden Costs Report showed more than one-in-four (28%) WA victim-survivors of financial abuse sought help from their bank, which has increased significantly since Bankwest began advocating on the issue in 2021 (15%).
“And, while we know most Western Australians (70%) expect their bank to tackle financial abuse, it is an issue we’re committed to addressing for all our customers, underpinning our ongoing support for 16 Days in WA.
“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.
“This year’s report has highlighted a challenging trait of abuse, with victim-survivors significantly overrepresented among those to have admitted perpetrating financial abuse, which speaks to the importance of breaking the cycle.
“The rate of Western Australians experiencing financial abuse continues to climb, and it’s concerning to hear many don’t seek support due to feeling it will not change their circumstances, which is a barrier that must be removed.
“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.
“We have a range of options for people experiencing difficulties, including working with and referring to third-party services such as Good Shepherd, and I urge anyone who needs support to get in touch when it’s safe to do so.”
Attributed to: Hon Sabine Winton – Minister for the Prevention of Family and Domestic Violence.
“Financial abuse is an insidious form of coercive control, which is family and domestic violence, and can have a devastating impact on victim-survivors’ autonomy and sense of security.
“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.
“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.”
Attributed to: Mark Glasson – CEO Anglicare WA
“It’s concerning to see how hard people are finding it to reach out for help, highlighting the important role financial counsellors play in providing a free, confidential, non-judgmental service that achieves incredible results.
“The report also shows why it’s so important to educate people on the complexities of Family and Domestic Violence, with many victim-survivors of behaviours like coercive control not even realising they are being abused.
“We need to destigmatise conversations at home and in the workplace about money, debt, financial hardship and FDV, and normalise reaching out for help from a financial counsellor when things get tough or don’t feel right.
“The research also highlights the importance of the role of financial institutions in identifying potential abuse and offering appropriate intervention, and we congratulate Bankwest for taking the initiative with this annual research.
“Data like this, alongside the experience of our financial counselling clients, reinforces the need for Australia’s financial system to prevent abuse and support victim survivors’ access to safe, secure and inclusive products.”
