Our client Ameriprise recently released the results of a study on navigating financial autonomy in a report called Flying Solo [PDF]. The goal of this research 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.
We talked to over 3,000 financially solo U.S. adults ages 25–75 with on average more than $700,000 in investable assets. Overall, we found that these folks feel financially confident, but have concerns about aging alone.
As nearly half (46%) of American adults are single, according to the U.S. Census Bureau, the needs, interests, and mindset of this group of individuals is increasingly important for the financial services industry.
Key Insights
- Eighty‑five percent of financially solo adults feel confident managing their money – yet the same number (85%) worry about aging alone and navigating the long-term financial decisions that come with it
- Nearly all (96%) have experienced at least one benefit of being financially independent and 92% disagree with one or more common misconceptions about solo adults, including that they are lonely (49%), live less fulfilling lives (46%) or are less financially secure (40%).
- Many solo investors are turning to financial advisors for support, and more than 80% of those who work with an advisor report the guidance boosts their confidence in the future.
- This group’s top concerns include running out of savings (43%), affording long‑term care (42%), becoming a burden to others (41%) and not having someone for emotional support as they age (30%).
The press release has already received excellent coverage from PLANADVISER, InvestmentNews, 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.
