How Do You Recognize Financial Abuse?

How Do You Recognize Financial Abuse?
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Carrie Schwab-Pomerantz
Updated:

Dear Carrie: I’m concerned that my son is in a financially abusive relationship. Because his fiancee claims to be better with money, she manages all their finances, including his salary, and controls their accounts. As a result, he’s totally reliant on her for anything he wants, even spending money. I don’t see this as healthy. I worry that she’s purposely keeping him dependent on her. Am I being overly concerned?—A Reader

Dear Reader: You’re absolutely right to be concerned. While it can make sense for one partner in a couple to take the lead in managing finances, allowing someone to take total control is another matter. And over time, that control could turn into an abusive situation with long-term consequences.

Carrie Schwab-Pomerantz
Carrie Schwab-Pomerantz
Author
Carrie Schwab-Pomerantz, a certified financial planner, is president of the Charles Schwab Foundation and author of "The Charles Schwab Guide to Finances After Fifty."
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