Navigating Financial Independence: The Importance of Advisors for Sole Adults

A recent study from Ameriprise Financial finds that 85% of financially independent adults feel confident managing their finances, yet share concerns about aging alone and making long-term financial decisions.

The "Flying Solo: Navigating Financial Autonomy" study underscores a notable trend among single adults—nearly half of American adults are single according to the U.S. Census Bureau—who increasingly seek financial advisors. Over 80% of those who do report heightened confidence about their financial future. This indicates a growing reliance on professional advice as a cornerstone of financial security and long-term planning for solo adults.

The Demographics of Financial Independence

Surveying over 3,000 individuals, the research includes never-married, divorced, and widowed adults, revealing diverse approaches to financial priorities and planning. Notably, about 74% of participants feel positive about managing finances independently and refute misconceptions of loneliness or unfulfilling lives. Vice President of Financial Planning & Advice at Ameriprise, Deana Healy, emphasizes the momentum financially independent adults can achieve with strategic planning and advisory support.

Financially solo adults across generations are approaching their finances with confidence and are making steady progress toward their goals. Yet navigating aging alone often means carrying the full weight of long-term decisions. A clear plan and ongoing guidance from a financial advisor can help turn today’s momentum into lasting financial security.

Financial Challenges and Preparations

The study highlights several financial challenges solo adults face. Concerns about depleting savings, affording long-term care, and lack of emotional support are prevalent, particularly amongst widowed individuals valuing previous shared financial decision-making.

The Role of Financial Advisors

The dependency on financial advisors is clear, with nearly two-thirds of widowed individuals and half of all respondents working with one. The benefits of professional advice manifest in better preparation, especially when tackling macroeconomic factors like inflation and rising healthcare costs. Despite these challenges, many solo adults prioritize retirement saving, wealth protection, and maintaining financial independence in relationships.

Alarmingly, gaps remain in preparedness, such as a lack of formal wills, long-term care insurance, and updated legal documents. This presents insurance providers and financial professionals with significant opportunities to offer tailored services that address these gaps.

Moving Forward with Confidence

Risk management and ongoing advisor interaction emerge as essential components for successfully navigating financial independence. As people face life transitions such as widowhood, divorce, or career changes, the study reinforces the utility of continuous, professional financial advice to ensure security and confidence for solo adults—proving that effective planning can mitigate the risks associated with aging alone.