Our client Ameriprise recently released segment highlights from a report released earlier this year called Flying Solo [PDF]. The goal of the study was to explore how single, divorced and widowed individuals manage their finances — from current priorities to long‑term planning, and the key role of professional advice. In highlighting the findings from the segment of respondents who were widowed, Ameriprise was able to explore how these adults are managing money, navigating financial decisions and finding support after loss.
Overall, we found that nearly nine in 10 (89%) widowed Americans feel financially confident, yet nearly six in 10 (58%) wish they had someone with whom they could share financial decisions.
For the Flying Solo study, we talked to over 3,000 financially solo U.S. adults ages 25–75 with on average more than $700,000 in investable assets. Widowed respondents made up 15% of the solo adults surveyed.
Additional Insights
- For most widowed adults, financial independence is not a temporary phase. More than eight in 10 (84%) expect to remain financially solo for the long term, and nearly nine in 10 (88%) would prefer to keep their finances separate even if they entered another relationship.
- Eighty-five percent of respondents report at least one worry about aging alone, with becoming a burden to loved ones (53%), affording long-term care (45%) and running out of savings (40%) topping the list. However, more than four in 10 (44%) say not being a financial burden on loved ones is one of the accomplishments they are most proud of.
- Around four in 10 widowed Americans lack a current financial power of attorney (44%), formal will (43%), or a healthcare directive (39%), highlighting opportunities to strengthen long-term preparedness.
The press release has already received excellent coverage from the Financial Times, Yahoo Finance and more.
We’re proud to call Ameriprise a long-term partner. More of our recent work for them includes studies on parents supporting adult children and parents and finances as well as segmentation work with resulting retirement profiles.
Segmentation research insights can guide important strategic decisions and the development of strong thought leadership programs. Learn more about our segmentation research approach.
