At Alterna Savings, our commitment to The Good in Banking^® means creating a community where every member has the power to achieve financial well-being and independence. But for too many, that power is stolen through economic abuse—a hidden but devastating form of control that undermines their freedom and traps them in harmful situations.

More than 96%^[1] of women who experience domestic violence in Canada also face economic abuse. This isn't just a statistic—it represents neighbours, colleagues, and community members who deserve better.

Recognizing the Signs: Your Right to Financial Control

Economic abuse happens when someone controls or misuses another person's money, credit, or financial independence. Unlike physical abuse, there are usually no visible scars, but the impact can last for years. Because it's often hidden, recognizing the warning signs is crucial:

• Being denied access to your own bank account or income
• Pressure to co-sign loans or credit cards (coerced debt)
• Unexplained loans or bills opened in your name
• Living on a strict allowance and needing permission for spending
• Romance scams where an online relationship turns into pressure for money

These situations aren't about "bad money habits"—they're clear signs of abuse and control.

Breaking Down the Barriers: Coerced Debt and Its Impact

Coerced debt is one of the most powerful tools of control. Survivors may be threatened into signing loan papers, have accounts secretly opened in their name, or find themselves responsible for purchases they never agreed to. Research shows that 84%^[2] of survivors in the Ottawa region had debt under their identity and name as a direct consequence of their abusive relationship.

For many survivors, coerced debt makes leaving a harmful relationship feel like a financial impossibility. We see this barrier, and we're actively working to dismantle it. Through our Community Microfinance Program, we provide a pathway forward. In fact, 56% of our microfinance borrowers are women, who often receive loans at significantly lower interest rates (7.22% versus the Canadian average of 10.25%)^[3], creating genuine opportunities to rebuild and regain control.

Knowledge is Power: Building Financial Confidence

Part of preventing economic abuse is building financial literacy and confidence. We regularly host free financial literacy webinars specifically designed for women, covering topics from budgeting and credit building to secure online banking. Our goal is to provide the tools and knowledge that empower you to manage your finances with confidence and spot warning signs early.

Steps You Can Take Today

Here are some practical steps:

• Check your credit report regularly to spot unauthorized accounts
• Update passwords and PINs to secure your accounts
• Be cautious in online relationships and verify identities before sending money
• Keep copies of important financial records in a safe place
• Seek confidential advice early to address any concerns about coerced debt

We're Here to Walk Alongside You

If any of this sounds familiar, please know you're not alone and help is closer than you think. We invite you to speak confidentially with one of our Financial Advisors, who are here to listen and help you explore your options safely.

Our support includes:

• Confidential sessions with our Financial Advisors to create a personal plan for financial safety
• Access to our Community Microfinance Program can help members rebuild credit and gain independence after experiencing coerced debt
• Secure banking tools and fraud prevention resources to protect your accounts
• Free financial literacy education through webinars and workshops tailored to women's unique financial challenges
• Deep community partnerships with trusted organizations who provide direct survivor support

Building Stronger Communities Through Partnership

Through our Community & Financial Inclusion Granting Programs, we're proud to fund financial literacy initiatives with partners who are on the front lines helping women rebuild such as organizations like Immigrant Women in Business, which assists immigrant women with financial education and training, and Ottawa Community Loan Fund, with workshops that equip immigrants with essential financial skills. More recently, we've supported F.L.E.S.H. (Financial Literacy Entrepreneurial Society Hub), which empowers low-income, Black, Indigenous, and People of Colour communities, including women, through financial education and entrepreneurial training.

This collaborative approach reflects our belief that the power of a team mindset can create lasting change in our communities.

Supporting Someone You Care About

If you're concerned about a loved one:

• Listen without judgment and offer your support
• Share information about safe financial services and resources
• Encourage them to connect with a trusted advisor or support service
• Respect their choices, understanding that leaving abuse is often complicated and requires careful planning

Learning from National Leaders: CCFWE's Important Work

The Canadian Centre for Women's Empowerment (CCFWE) is Canada's only national organization dedicated to ending economic abuse, and their expertise helps inform best practices across the financial sector. CCFWE provides one-to-one financial coaching that is trauma-informed and culturally responsive, peer support groups, and practical education on credit, debt, budgeting, and benefits.

As Meseret Haileyesus, CEO of the Canadian Centre for Women's Empowerment and leading expert on economic abuse, shares: 

Moving Forward Together

Economic abuse can affect anyone, regardless of age, income, or background. By recognizing the signs, offering support, and building financial literacy in our communities, we can protect one another and create pathways from surviving to thriving.

We're committed to walking alongside our members on their journey toward safety, dignity, and financial independence. Our Working Women Business Loan program, Income Builder Loan, financial education initiatives, and Community & Financial Inclusion Granting Programs demonstrate our commitment to creating safer communities where everyone has the opportunity to achieve financial well-being.

If you or someone you know needs confidential support, we invite you to reach out. Because at Alterna, we believe in the good in banking—and that means being here when you need us most.

This article was created in partnership with The Canadian Centre for Women's Empowerment in recognition of National Economic Abuse Awareness Day, observed annually on November 26th.

^[1] Economic Abuse Code of Conduct news release - 20.10.2025
^[2] What is Coerced Debt? – CCFWE
^[3] Why Microfinance Matters: The Alterna Story Celebrating 25 Years of Community Impact, May 2025