The Financial Implications Of Domestic Violence
There is no question that domestic violence—often referred to as intimate partner violence—has daunting impacts on victims. !0 million individuals experience domestic violence every single year in this country, and battle with the physical, mental, and emotional damage long after any specific incident occurs. The impacts don’t stop there, though. The Institute for Women’s Policy Research (IWPR) reveals that survivors also face serious impacts to their education and careers, and ultimately to their economic growth and stability over a lifetime.
What are we Talking About?
When it comes to domestic violence, we know that one-third of women and one-fourth of men have been the recipient of some form of physical violence at the hands of a loved one. That being said, domestic violence encompasses more than physical threats, and includes verbal and emotional abuse, digital and financial abuse, sexual abuse and coercive tactics related to reproductive choice. These combine to cost society over three and a half trillion dollars annually. Individual costs mount, as well, and female victims experience a lifetime cost of over $100,000, while males lose roughly $25,000 over the course of their lives.
Breaking it Down: Individual Costs
How do these costs add up? Consider the following:
- Medical costs related to physical violence can be huge. On top of that, medical debt is a leading reason people have to file bankruptcy, disrupting a survivor’s financial well-being even further.
- Job-training and educational opportunities are negatively impacted by domestic violence according to over 60 percent of survey respondents. Since we know that education is central to higher earning, lifetime income is diminished..
- Abuse limits one’s ability to get and keep a job. Survivors lose years of experience and productivity, becoming increasingly reliant on their abusers.
- Nearly all abusers exhibit some degree of financial control over their partners. Roughly three-fourths of respondents report having money or benefits taken from them against their will, ultimately damaging their credit for years.
- Forced pregnancy—stopping women from accessing birth control—results in additional expenses, fewer career options, and greater financial instability.
With an estimated 8 million paid workdays lost to domestic violence, the country loses both money in the marketplace and productivity and creativity that victims are unable to provide. Additionally, millions of victims of abuse require hospitalization and medical care, costing trillions. Counseling, job training, housing and security for those who leave their abusers add up too. The full magnitude of the cost of social services is not clear—but we know hundreds of millions of dollars are funneled to a variety of resources.
Domestic violence, and all of the ugly impacts of it, are all too lasting and real. If you are in a dangerous relationship, the time to seek help is now. The compassionate, capable Miami domestic violence attorneys at The Law Office of Julia Kefalinos are prepared to help. Schedule a confidential appointment in our office today.