Author: Melissa Webb

One-in-six women in Australia is affected by economic abuse. Economic Abuse Awareness Day, observed in November, brings attention to this often-hidden issue. Let’s examine the signs of economic abuse and discover available support options if you or someone you know might be experiencing this hardship.

Economic abuse is a form of manipulation that can often go unnoticed. It encompasses various behaviours that exert control over someone’s financial resources, leading to dependence and vulnerability.

Studies in Australia indicate that more than one-in-six women will encounter economic abuse during their lifetime. Recently, International Economic Abuse Awareness Day, on November 26, shone a spotlight on the enduring and profound repercussions survivors of economic abuse face.

Deloitte analysis has found that this form of abuse costs victim-survivors a staggering $5.7 billion annually in Australia, with consequences that extend far beyond the financial impact. Tara, a survivor of domestic abuse, shares her poignant perspective:

“Throughout the relationship, he drained hundreds of thousands of dollars from me. It’s not solely about the financial toll; it’s about what it steals from your future. Obtaining a home loan now feels impossible post-bankruptcy. The time lost in family court is time irretrievable. That’s the true cost. It’s challenging to explain the mental and emotional toll in mere dollars.”

Economic abuse seldom stands alone. More than 78% of individuals enduring domestic violence also face economic abuse as part of a broader pattern of controlling and abusive behaviour, severely limiting their avenues for safety.

The telltale signs of economic abuse include:

• Control of Financial Resources: This involves restricting access to cash or bank accounts, withholding money for essential needs like food or clothing, and monitoring and scrutinising every expenditure.

• Undermining Financial Independence: Committing acts that sabotage education or employment opportunities or forcing financial dependence by not contributing to household expenses or burdening one partner with all bills.

• Forced Financial Actions: Coercing a person into handing over income or savings, pressuring them to incur debts against their will, or making financial decisions without their consent (like securing loans or making purchases in their name).

• Manipulation and Concealment: Hiding financial information or assets, forcing claims of undeserved government benefits, demanding excessive payments (like dowry), misrepresenting documents to gain signatures, or manipulating finances to evade or reduce child-support payments.

• Exploitative Work and Property Damage: Forcing unpaid work or unfair working conditions within a family business, or damaging or stealing belongings.

Recognising these signs is crucial. If you or someone you know experiences these behaviours, there are many services that provide support to help you break free from this cycle of manipulation and regain financial autonomy.

The financialsafety.org.au website has information about different types of economic abuse, steps you can take, and a directory of support services.

You can also learn more about economic abuse by visiting the Centre for Women’s Economic Safety (CWES) website, which has a financial safety checklist in eight languages.

Bookings can be made through the website for CWES’s Money Clinic service, which provides free, confidential support for women experiencing financial abuse.

If you are having difficulty meeting mortgage or loan repayments due to economic abuse, you can contact the financial hardship team at your bank. Police Bank is always open to discussing with members in financial difficulty the best options available to them. Any member wishing to discuss their current financial circumstances can ring our Assistance Centre on 131 728.

“Spotlight articles are prepared without taking into account your objectives, financial situation or needs and are published for information purposes only. You should consider the appropriateness of any content to your circumstances. Visit Important documents to access Terms and Conditions and the Financial Services Guide which are currently available electronically for products of Police Bank Limited. Target Market Determinations are available here. Loan applications are subject to lending criteria and credit approval. Interest rates are subject to change. Fees and charges may apply.”

Police Bank exists to serve its members. Our Police Bank Annual Report is an important way we update you each year on the work we are doing to bring you a better banking experience and continue to support our members and communities. This year’s report includes an update on our technological transformation, which will deliver a new and better way of banking with us.

For the past few years, Chief Executive Officer Greg McKenna has been working with his team behind the scenes to modernise Police Bank’s technology and build a digital banking experience for members that is easy and intuitive to use.

In our 2023 Annual Report, he explains why the decision was taken to modernise the bank by updating our IT infrastructure, while maintaining a strong service culture:

“When we first decided it was time to modernise Police Bank, it was clear things weren’t working as well as they could. Our members told us it was becoming increasingly difficult to transact with us: We were using paper-based forms and clunkier processes that were designed for a different era.

“At the same time though, they said they wanted us to maintain our service standards, continue to operate branches, and have human touchpoints available to support their borrowing and deposit journeys.”

Becoming a bank of the future

The response was to come up with a hybrid model.

“We envisioned a customer-centric bank that merges technology with customer service to deliver on our members’ needs, both today and in several years’ time,” McKenna says.  

“Our transformation is now almost complete, and we will soon unveil a new technology-based way of banking with us.”

Looking forward to the next 60 years

As Police Bank approaches the celebration of its 60^th anniversary next year, Chairman Peter Remfrey shares that our transformation journey will underpin the bank’s sustainability in the decades to come:

“We began this journey to set up the bank for the next 60 years, so that members’ children and grandchildren can experience our commitment to service – and community, too.

“While our work is not yet complete, the past financial year and its outstanding results have brought us closer to being able to showcase the changes we’ve made to shore up our future.”

A new core banking system, for more seamless banking

A key part of ensuring our sustainability is a new core banking system, which will offer members a more seamless way of banking with us.

To ensure we get the process right, we’ve engaged expert board advisor Glenn Stafford, who has consulted on core banking systems across Australia and the Asia-Pacific region.

“With Glenn’s oversight, we’ve undergone a process of continual review to ensure the new system is fit-for-purpose and future-proof,” says Remfrey.

Staff to be freed up for more purposeful matters – like conversations with you

He stresses that our digital transformation will not reduce face-to-face interaction between members and our staff:

“We know that’s one of the reasons our members value Police Bank and show loyalty to us. In fact, the technology is designed to free up staff from clunky systems to focus on more purposeful matters. We envision staff having more conversations with members about their banking journeys and goals – something that sets Police Bank apart from our competitors, especially in an age of cost-cutting and consolidation.”

We’re being guided by you

Through surveys and informal feedback, our members have told us what we should improve and what we should retain. It’s helped guide us towards a new model of technology-driven service. Similarly, our staff have been bold in telling us where we can deliver a market-leading offering to best serve our customers.

“Police Bank is unashamedly here for its members and its community. We are investing in the infrastructure to make it easier for you to bank with us, now and in the future,” says McKenna.

In this article, we’ve focused on our IT transformation, but there is so much more in our Annual Report, on equally important matters, including our support for members through difficult times as interest rates have risen and put pressure on household budgets, and our

ongoing commitment to giving back to the community via contributions to charities, community events, and sporting organisations.

We urge you to take a look at the full report here.

Police Bank has been out in the community supporting causes that are close to our heart. Here’s a recap for September and October.

It’s been a busy few months for Police Bank, with the team spending a lot of time doing what we do best: showing support and giving back to the police community.  

Between July and the end of September, we were a platinum sponsor for the 3000km Heart 2 Heart Walk – an important event to raise awareness for first responder mental health and wellbeing.

As some of our members know, a 2019 Senate Inquiry made 14 recommendations to help reduce the risk of first responder post-traumatic stress disorder (PTSD) and suicide.

The long walk draws attention to dangers first responders face and calls on the Federal Government to commit to the recommendations of the inquiry. It also raises money to support further research and a purpose-built commission for first responder mental health.

The Heart 2 Heart Walk is organised by a small group of first responders who have served across Australia and overseas.

It got its name because it begins in the Heart of Country – Lambert Centre of Australia on the Northern Territory/South Australia border – and finishes in the Heart of Nation, at Parliament House in Canberra.

As a platinum sponsor, we’re proud to be able to shine a light on this important issue, which, sadly plagues many first responders. We hope our support can help to achieve the Heart 2 Heart aims.

Last month, we also supported the annual Police Legacy Remembrance Bike Ride, a solemn, important event that raises money for the families that have lost loved ones in the line of duty.

The three-day event was an enormous success, despite difficult weather conditions at the start. As a major sponsor, Police Bank was there to cheer on the riders.

Police Legacy has now achieved an amazing milestones for the families of fallen officers. Here’s how you can watch the full video.

We’re always humbled to be a part of such an incredible event and look forward to the next ride in 2024.

You can phone Lifeline to speak to a Crisis Supporter on 13 11 14 (24 hours/7 days), text 0477 131 114 (24 hours a day, 7 days a week) or chat to Lifeline online at www.lifeline.org.au (24/7).

If you’re looking to have a relaxing festive season, while avoiding a financial hangover, now is a top time to prepare. We’ve compiled a few tips. 

If you can believe it, the countdown to the festive season is already on, with less than two months until Christmas Day.

For some of us, that means upcoming celebrations, time off, holidays and a bit more spending than is typical in other months. But the additional cash-splash can also equate to extra household stress, particularly during an already expensive year. Here are a few ideas to offset that and enjoy a budget-friendly holiday season.

1) Pre-book, pre-pay and pre-buy where possible.

Consider identifying everything you’re likely to pay for over the season and get ahead of as much as you can. For example, getting to the shops early or buying online is often the key to saving more than when purchasing gifts last minute. Similarly, you may be able to get a better deal on flights and accommodation if you book early and are flexible with when you can travel.

2) Supercharge your savings now.

With higher interest rates, now is a great time to put money aside for a January or February holiday, or even Christmas. By making regular contributions to a Police Bank Bonus Saver* or U30 Super Charge*, you’ll be rewarded for how much you stash away with higher rates.

3) Plan a budget-friendly Christmas.

There are many little ways to reduce the costs of celebrations with friends and family. Ideas include:

• Asking guests to BYO drinks and food to share
• Choosing less expensive food options, such as chicken, instead of turkey or ham
• Arranging a Kris Kringle/Secret Santa with gifts – so everyone has to buy only one present
• Setting a strict spending limit for all gifts
• Suggesting pre-loved gifts, homemade or free experiences, instead of traditional presents.

4) Have a holiday at home.

If the cost of living has made the idea of a new year holiday stressful, consider having a staycation or banking the leave for another time of year. Cities are often quieter with many people away, which means it can be easier to get to the beach or park for a picnic. Meanwhile, other times of year won’t have the Christmas premium attached, which means travel costs may be lower.

5) Live frugally in the lead-up to the holidays.

There’s still plenty of time left in the year to make some meaningful lifestyle changes that could add extra dollars to your bank accounts. If you enjoy a weekly meal out, you could consider ditching that until the new year. Or, if you’re partial to a wine or beer, you could have an alcohol-free November and December to save some extra cash. There’s also the option of cutting back on subscriptions, then binge-watching shows during time off, and replacing a gym membership with a jog, walk or park bodyweight session.

In other words, there are lots of small swaps that could put hundreds into the holiday budget.

Police Bank Ltd ABN  95 087 650 799 ACL and AFSL 240018.

This article is general advice only and does not take into account your objectives, financial situation and needs. Before acting on the information, you should consider whether it is right for you. Before making any decision to acquire any product or service you should obtain and consider the relevant Terms & Conditions.

*Terms, conditions, and eligibility criteria apply and are available at policebank.com.au or by calling 131 728. Interest Rates may vary and are subject to change.

As the month of October shone a light on mental health, Police Bank looked at the relationship between money habits and wellbeing – and some tips to improve both.   

Through policing work, many in our network have seen how a person’s money situation and their mental health can go hand in hand.

There’s a growing body of research that confirms the relationship between money and wellbeing. Recently, a study by Beyond Blue and the Australian Securities and Investments Commission showed those experiencing challenging financial times were twice as likely to suffer from mental health problems – and vice versa.[1]

Sadly, many different people experience financial challenges, which can filter through to relationships, healthcare, sleep and mood. In some cases, they can affect mental health to a great degree. (Help is always available – see numbers at the bottom of this article).

Given October brought World Mental Health Day, we thought it would be worth looking at some of the rituals that have been linked to improved financial wellbeing. Here are a few ideas.  

Practicing financial self-care

1) Do a goal check

Setting goals and making progress towards them is one way to feel empowered. If you haven’t looked at any financial goals, now could be the time to start thinking about what you want in the future, including how you want to retire.

If you already have goals in place, checking in periodically to see how they’re tracking, then tweaking the budget to get closer to your aspirations, is another way to practice self-care.  

2) Get organised

When things feel a bit out of control, making organisational improvements can go a long way. Examples include setting up a spending plan on a whiteboard or spreadsheet, arranging bank accounts for different purposes, including saving, and ensuring your retirement and insurance are set up as they should be.

3) Have a debt plan

Many of us accrue debt throughout our lives, whether it be through mortgages, car loans, student loans, personal loans or credit cards. For some, compounding debt can create a lot of stress.

There are various strategies that can help tackle debt-linked anxiety, including speaking to a financial professional – such as a financial planner – coming up with a new budget and payment plan, and talking to us, at Police Bank, if you’re having trouble repaying your loan.

4) Talk to loved ones

With the current cost-of-living situation, lots of people are feeling the pinch. Chances are, that includes at least some within your close network of friends, family and colleagues. They may be able to listen and help you come up with some strategies to ease your worries.

If you don’t feel comfortable speaking to someone you know, you can also call a financial counsellor (see National Debt Helpline number below) or a general counsellor or psychologist.

Where to find help if you need it

• Lifeline: Speak to a Crisis Supporter on 13 11 14 (24 hours/7 days), text 0477 131 114 (24 hours a day, 7 days a week) or chat to Lifeline online at www.lifeline.org.au (24/7)
• National Debt Helpline: 1800 007 007
• Beyond Blue – Speak to a counsellor online at BeyondBlue.org.au or on the phone by calling 1300 22 4636

This article is general advice only and does not take into account your objectives, financial situation and needs. Before acting on the information, you should consider whether it is right for you. Before making any decision to acquire any product or service you should obtain and consider the relevant TMDs and Terms & Conditions available on our website or by calling 13 17 28

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[1] https://www.beyondblue.org.au/docs/default-source/about-beyond-blue/20061-money-and-mental-health-research-final-report-220804.pdf?sfvrsn=fd5d30e5_2