4 Lessons We All Can Learn From Financially Solo Adults
Whatever your relationship status, the lessons financially solo adults have learned about independence, preparation and planning can help you navigate what's ahead.
Life rarely follows a straight line. Divorce, widowhood, career changes and other major life events can quickly transform shared financial responsibilities into solo decision-making.
Nearly half of U.S. adults (46%) are single, according to the U.S. Census Bureau, and many are managing their finances on their own.
To better understand this growing segment of the population, Ameriprise Financial commissioned Flying Solo: Navigating Financial Autonomy, a study exploring how more than 3,000 single, divorced and widowed Americans approach their finances.
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
What we found was encouraging: Financially solo adults aren't just managing on their own, they're doing so with pride and intention. Eighty-five percent say they feel financially confident, while nine in 10 (91%) report a strong sense of accomplishment from managing their finances independently.
Their experiences offer valuable lessons for anyone, regardless of their relationship status, looking to build confidence, prepare for uncertainty and strengthen their long-term financial security.
Lesson No. 1: Don't wait for a life transition to understand your finances
One of the clearest lessons from financially solo adults is the importance of staying engaged in your finances.
When a major life event occurs, whether it's divorce, widowhood or a health challenge, financial responsibilities can shift quickly. Those best positioned to navigate these transitions are often the ones who already understand where financial accounts are held, how bills are paid, what insurance coverage exists and how key money decisions are made.
Even if you're currently part of a couple, both people should have a clear understanding of the household's financial picture. Knowing where things stand today can make an unexpected transition much easier to navigate tomorrow.
Lesson No. 2: Confidence doesn't eliminate the need to plan ahead
Many financially solo adults feel confident in how they're managing their finances, while still facing uncertainty when it comes to more complex, long-term decisions. More than eight in 10 (85%) worry about aging alone and the financial implications it could bring.
Their top concerns include running out of savings, affording long-term care and becoming a burden to loved ones. Rather than reflecting a lack of confidence, these concerns underscore the importance of thinking beyond immediate financial needs and preparing for what comes next.
Feeling good about your finances today isn't a reason to stop planning. In many cases, it's a reason to become even more intentional about the future. For many people, planning is about more than accumulating wealth. It's about preserving independence, creating flexibility and reducing uncertainty for yourself and the people you care about.
Lesson No. 3: Make sure your wishes are documented
When there isn't a built-in partner to share responsibilities or decision-making, long-term preparation becomes even more important.
Our research found many respondents have yet to complete key planning documents such as wills, healthcare directives and financial powers of attorney. Yet, these documents can be some of the most important tools available when unexpected situations arise.
Regardless of your relationship status, it's worth asking yourself a few important questions:
- Who would make financial decisions on your behalf if you couldn't?
- Who would speak for you in a medical situation?
- Have you documented your wishes?
- Would loved ones know where to find important information if they needed it?
Preparing for these scenarios in advance can provide clarity and peace of mind when they're needed most.
Lesson No. 4: Financial independence doesn't mean going it alone
Perhaps the biggest misconception our research challenged is the idea that financial independence means handling everything by yourself.
Many financially solo adults take pride in making their own financial decisions, but that doesn't mean they do so without support. Many value having a trusted sounding board to help navigate important decisions, think through tradeoffs and prepare for uncertainty.
Whether that support comes from family members, friends or a financial adviser, the lesson is the same: Seeking guidance doesn't diminish independence. In many cases, it strengthens it.
Among financially solo adults who work with an adviser, more than 80% say professional advice increases their confidence about the future. A trusted financial adviser can help bring structure to complex decisions and create a plan that aligns current priorities with long-term goals.
Life can change quickly, often when we least expect it. Whether you're managing finances on your own today or sharing responsibilities with a partner, the lessons financially solo adults have learned about preparation and long-term planning can help build greater confidence, resilience and peace of mind for whatever comes next.
Related Content
- Why Single Retirees Have It Better Than You Think
- Is Lifestyle Creep Delaying Your Retirement Timeline? Here's How to Enjoy Life Now Without Paying for It Later, From a Financial Planner
- A 5-Step Plan for Parents of Children With Special Needs, From a Financial Planner
- From Piggy Banks to Portfolios: A Financial Planner's Guide to Talking to Your Kids About Money at Every Age
- Give Now or Leave an Inheritance? How to Balance the Options
