Financial abuse flying under the radar for WA youth

New research has exposed a troubling generational divide in awareness and response to financial abuse, with younger West Australians less likely to recognise signs or seek help.

• Bankwest’s Hidden Costs report into financial abuse tracks community awareness over five years.
• Gen Z significantly far less likely than older generations to identify and respond to financial abuse.
• Gap in understanding of financial abuse between generations unchanged over last four years.

Bankwest’s annual Hidden Costs report for the 16 Days in WA campaign, which surveyed over 1,000 WA residents, found that younger generations in WA are less likely to recognise family and domestic violence (FDV), and financial abuse.

For the fifth consecutive year, Gen Z respondents were least likely to say they understood the term ‘financial abuse’ (69%), compared with Millennials (80%), Gen X (81%) and Baby Boomers (86%).

The generational gap extended to recognising abusive behaviours, with younger respondents less likely to identify coercion into debt, restricted access to bank accounts, or control over financial decisions as abuse.

Confidence in identifying financial abuse remains low, with just 61% of WA residents saying they felt confident doing so. Gen Z stood out as the least confident, with 26% admitting they couldn’t recognise it.

Gen Z (59%) are the least likely to say they’d contact a FDV hotline, such as 1800RESPECT, if they experienced financial abuse, compared with Millennials (66%), Gen X (76%), and Baby Boomers (75%).

This generational gap in attitudes toward seeking help has remained steady since 2021.

Attributed to: Jodene Murphy – Bankwest General Manager Customer, Marketing and Communications.

“Financial abuse is one of the hidden costs of family and domestic violence and our annual report aims to shine a light on trends around awareness and experiences of financial abuse in Western Australia.

“Most West Australians understand FDV, yet fewer recognise financial abuse or coercive control. These behaviours have lasting impacts and it’s troubling that younger generations are affected but less aware.

“The numbers tell a powerful story. Nearly 40% of Gen Z and Millennials report experiencing a form of financial abuse, while 17% of Millennials admit to unintentionally perpetrating financial abuse.

“The research findings identify a clear opportunity to better support younger generations of Western Australians to ensure they have the resources and confidence to recognise abuse and seek assistance.”

Attributed to: Tamara Artemis – Anglicare WA Community Education Officer.

“The greatest opportunity to break the cycle of abuse including financial abuse starts with education. By equipping younger generations with the knowledge, skills, and confidence to recognise unhealthy behaviours early, we empower them to seek help and make informed choices.

“Anglicare WA’s Standing Together program delivers this vital education in schools, giving students the chance to explore healthy relationships, financial literacy, and social inequality.

“These conversations build a shared understanding of how controlling behaviours, including financial control, can lead to inequality and abuse.

“Students who have participated in the program reflect the experience as valuable for providing them with practical tools and strategies they can use now and into the future.”