KENTUCKY — In a new report, Kentucky was named the fifth-best state for elder-abuse protections in 2024.
With research conducted by personal finance website WalletHub, Kentucky received a total score of 49.69. Wisconsin ranked No. 1 with a score of 62.45, followed by Massachusetts (55.07), Ohio (52.71) and Virginia (49.76). Assessing the 50 states and the District of Columbia, scores were given based on 16 metrics across three categories: the prevalence of elder abuse, resources for prevention and the quality of elder-abuse protections.
Metrics were scored on a 100-point scale with various weights, with 100 representing the "best protection against elder abuse," according to WalletHub. The website then determined each state's weighted average across all metrics to calculate its overall score and ranking.
According to the website, financial abuse against the elderly is becoming a greater concern with inflation rates rising.
"Falling prey to financial abuse can have dire consequences for anyone, but our older population is greatly susceptible," said Cassandra Happe, WalletHub analyst. "Abuse can greatly impact their ability to afford basic necessities, especially since many seniors are on a fixed income."
WalletHub recommends the following tips for spotting signs of elder financial abuse:
- Watch for unusual bank or credit card activity
- Be wary of new or unusual "friends," including acquaintances
- Keep an eye on social media and Internet usage
- Pay attention to changes in legal documents
- Be mindful of behavioral changes, such as appearing fearful, anxious or secretive about finances
- Note any decline in personal care conditions
According to the U.S. Census Bureau, the 65 and older population is projected to nearly double from 49.2 million in 2016 to 94.7 million in 2060. The full report and rankings, published Dec. 13, can be found here.