In a recent article by ABC News, the concept of an “escape fund” has gained attention, particularly among married women in Perth, Australia. But what exactly is an escape fund, and why should all women consider having one, even within seemingly stable relationships?
An escape fund, as the name suggests, is a financial safety net that individuals—often women—create to ensure they have the means to leave a relationship if it becomes necessary. This could be due to various reasons, including abuse, financial control, or simply the need for independence and autonomy.
The idea of having an escape fund may seem extreme to some, especially in the context of a supposedly happy and stable marriage. However, statistics and real-life experiences highlight the importance of being prepared for unexpected changes in a relationship.
One of the key reasons why women in Perth are prioritising escape funds is the unfortunate prevalence of domestic abuse and violence.
Abuse in relationships: According to the Australian Bureau of Statistics, one in six women in Australia has experienced physical or sexual violence from a current or former partner. Having a financial safety net can provide these women with the means to leave abusive situations without being economically trapped.
Financial Control: Furthermore, financial control is another significant issue that many women face in relationships. In some cases, one partner may have control over the finances, leaving the other partner vulnerable and dependent. An escape fund empowers individuals to have their own resources and agency, reducing the risk of financial abuse.
Relationship Breakdown: Sometimes through no fault of either party a relationship can breakdown. If this happens it is nice to know you have some money set aside to start over if this is to occur.
Peace of Mind: At the end of the day if al things go well and you never have a breakdown in your relationship you have that piece of mind that you have that money there, that both you and your partner do.
But it’s not just about preparing for the worst-case scenario. Having an escape fund can also promote financial independence and security within a relationship. It allows individuals to pursue their own goals and aspirations without feeling beholden to their partner’s financial decisions.
The existence of an escape fund doesn’t necessarily imply a lack of trust or commitment in the relationship. Instead, it reflects a pragmatic approach to safeguarding one’s well-being and autonomy, even in the most loving and supportive partnerships.
How to start an escape fund?
So, how can you go about creating an escape fund? It’s essential to start by setting aside money regularly, whether it’s through a separate bank account, investments, or other financial instruments. Building up savings over time can provide a sense of security and peace of mind.
Additionally, it’s crucial to have open and honest conversations with partners about financial matters. While the idea of an escape fund may initially be uncomfortable to discuss, it’s essential for both partners to understand and respect each other’s need for financial independence.
If you want to learn more on how you can phrase it to your partner in a positive light the ABC news has a great case study about Linda and how she opened the discussion to her partner. What is an escape fun and should all women have one?
The concept of an escape fund may seem radical to some, but it’s a practical and necessary step for many women seeking to safeguard their well-being and autonomy within relationships. Whether it’s to escape from abuse, assert financial independence, or simply prepare for the unexpected, having a financial safety net can provide invaluable peace of mind. As the trend continues to gain momentum, it’s a reminder of the importance of empowerment and preparedness for women everywhere.
