Shocking Number of New Yorkers Say They’ve Been Financially Abused

Let’s talk about something that doesn’t get nearly enough attention, but affects far too many people here in New York.

According to a new study by CardRates, more than one in three New Yorkers say they’ve been a victim of financial abuse. That’s not just a number. That’s our neighbors, our friends, maybe even people in our own families.

Financial Abuse Is More Than Just About Money

Financial abuse often happens at the hands of someone the victim knows and trusts. It could be a partner, a family member, or even a close friend. What makes this so heartbreaking is that it’s not just about money. It’s about power, control, and the damage that happens when someone is robbed of their financial independence.

We’re talking about people being tricked into signing contracts. Having credit cards opened in their names. Being denied access to their own money. In some cases, it even goes as far as being forced to change a will or hand over savings. It’s cruel. And it’s happening more than most of us realize.

Nearly Half of New Yorkers Report Financial Abuse

CardRates surveyed 3,000 Americans and found that 41 percent of New Yorkers have been victims of financial abuse. That’s just a bit under the national average of 43 percent. But it still means a large number of people across the state are dealing with the aftermath.

Survey Finds Biggest Fear: Debt in Your Name

The study also asked people which forms of financial abuse they thought were the most damaging. At the top of the list was having loans or contracts opened in your name without permission. Nearly half of those surveyed chose that as the worst kind. Imagine waking up one day to learn someone used your name to rack up debt you didn’t even know existed.

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Unauthorized use of credit cards came in second. With how easy contactless payments have become, it’s a lot simpler for someone to spend without your knowledge. Other people said being denied access to their own accounts or being forced to hand over income was the most harmful. No matter the method, the pain and stress are real.

The Long-Term Fallout of Financial Exploitation

Almost half of the people who had experienced financial abuse said their credit scores took a hit. That’s a big deal, especially if you’re trying to rent an apartment, buy a car, or apply for a mortgage.

Others said they couldn’t afford basic needs anymore or that they were left in deep debt. These aren’t just short-term problems. They can follow someone for years, making it harder to rebuild their life.

Most Victims Don’t Know Their Rights Against Financial Abuse

More than half of those surveyed said they don’t think banks and financial institutions are doing enough to protect customers from financial abuse. That’s a huge red flag.

Even more concerning, only a quarter of people said they understood their legal rights when it comes to this kind of abuse. That means the majority of victims might not even know how to fight back.

Survey Reveals Barriers to Reporting Financial Abuse

One of the saddest findings from the survey is that a lot of people don’t know where to go for help. Thirty-one percent said they wouldn’t report financial abuse because they don’t know how. Others feared retaliation or felt like nothing would happen even if they did speak up.

This has to change. People need safe, clear ways to get help and hold abusers accountable. No one should have to suffer in silence.

Financial Abuse Is Real and Support Exists

If this is something you or someone you love has gone through, please know you’re not alone. Financial abuse is real, and it’s more common than most people think. But there are people who care and resources that can help.

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We need to keep talking about it, pushing for stronger protections, and making sure the people we care about aren’t being taken advantage of. Because when it comes to money and trust, no one deserves to be left powerless.