Single Americans Are Financially Confident but Wary About Aging Alone: Study

"Financially solo adults across generations are approaching their finances with confidence and are making steady progress toward their goals," Deana Healy, vice president of financial planning and advice at Ameriprise, said in a statement.

"A clear plan and ongoing guidance from a financial advisor can help turn today's momentum into lasting financial security."

For the study, Artemis Strategy Group conducted an online survey in January among 3,003 financially solo U.S. adults, 52% single/never married, 34% divorced/separated and 15% widowed, ages 25 to 75 and with average investable assets of more than $700,000.

Strong Financial Momentum

Ninety-one percent of financially solo adults feel a sense of accomplishment, the survey found, and 74% have positive emotions about managing finances on their own.

Nearly all have experienced at least one benefit of being financially independent and disagree with at least one of the more common misconceptions about solo adults: that they are lonely, live less fulfilling lives or are less financially secure.

Seventy-six percent said they expect to remain financially solo for the long term, and 80% said they would keep finances separate even if they partnered with someone.

Financially solo respondents most often cited saving for retirement as one of their top two achievements, followed by not being a burden on others and buying a home. And they are focused on continuing momentum, with retirement saving and wealth protection their top priorities.

In their daily lives, 67% said being financially solo allows them to spend more on social and entertainment experiences, 64% said the same about lifestyle activities and 41% about travel.

Unmet Planning Needs

Despite their confidence, many single, divorced and widowed adults are also confronting the realities of aging without a partner. They worry about running out of savings, affording long-term care, becoming a burden to others and not having someone for emotional support as they age.

The survey found that widowed adults, in particular, are more likely than other financially solo people to want someone to share financial decisions with, indicating the complexities around the loss of a spouse.

Respondents said their most challenging decisions as solo operators are investing, taxes, major purchases and retirement planning.

Macroeconomic pressures magnify their uncertainty. Six in 10 cited inflation as a top concern, 45% the U.S. economy's health and 40% the high cost of healthcare.

According to the survey, many respondents have yet to put essential long-term plans in place. Only 37% have a current formal will, 29% hold long-term care insurance and 34% carry long-term disability coverage.

Moreover, fewer than half reported that they have updated key legal documents, such as a healthcare directive or financial power of attorney, underscoring the opportunity for more comprehensive preparation.

The Power of Advice

Half of all survey participants and nearly two-thirds of widowed respondents reported that they work with an advisor. This reflects how essential support becomes in moments of change or concern for those managing finances independently, Ameriprise said.

Fifty-two percent of respondents said advice helps them feel more secure about the future. Forty-seven percent seek advice for emotional support as they navigate major decisions.

Seven in 10 participants said their advisor helps them envision life in retirement including knowing when to retire, retirement income planning and budgeting, and identifying when to start taking Social Security.