A new report released today by the Centre for Women’s Economic Safety calls for banks to disrupt domestic violence in Australia by redesigning products to prevent financial abuse.
Designed to DisruptTM makes a series of recommendations for banks to make it harder for perpetrators to use financial abuse as a tactic of coercive control.
Authored by former bank executive Catherine Fitzpatrick, the report calls for all 97 Australian banks to make simple but transformational changes to their products – starting with changing terms and conditions to make it clear that a bank account is no place for abuse.
“Few other businesses are better placed to protect women against financial abuse and its devastating health and economic impacts for them and their children,” Ms Fitzpatrick said.
CWES CEO Rebecca Glenn said: “Currently, banking products are designed in a way that assumes all relationships are healthy and equal.
“But the reality is that financial abuse is rife in Australia – and there’s more banks can do to protect victim-survivors.
“Banking products can and should be redesigned so that couples who set up joint accounts have protections in place from the very beginning.”
You can read the full media release here.