Nearly half of U.S. adults (46%) are single, according to the U.S. Census Bureau. Ameriprise Financial commissioned a study called "Flying Solo: Navigating Financial Autonomy" that surveyed more than 3,000 single, divorced and widowed Americans about how they manage money.
The study found that 85% of these financially solo adults feel financially confident, and 91% report a strong sense of accomplishment from managing their finances independently.
The research revealed four lessons for building financial security.
First, don't wait for a major life event like divorce or widowhood to learn about your finances. Both partners in a couple should understand where accounts are held, how bills are paid, what insurance exists, and how key money decisions are made. This knowledge makes unexpected transitions easier to navigate.
Second, confidence in current finances does not eliminate the need for long-term planning. More than eight in 10 (85%) of solo adults worry about aging alone and the financial implications. Top concerns include running out of savings, affording long-term care, and becoming a burden to loved ones. Feeling good about finances today is a reason to become more intentional about the future, not to stop planning.
Third, document your wishes. Many respondents have yet to complete wills, healthcare directives and financial powers of attorney. These documents clarify who would make financial decisions on your behalf if you could not, and who would speak for you in a medical situation.
Fourth, financial independence does not mean handling everything alone. Among financially solo adults who work with an adviser, more than 80% say professional advice increases their confidence about the future.