Managing finances independently can be both empowering and complex. Today, nearly half of U.S. adults are single1, underscoring how many people now – or may someday – handle financial decisions on their own, whether by choice, timing or unexpected life events. Encouragingly, new research from Ameriprise Financial shows that financially solo adults are approaching their finances with confidence, even as they navigate unique considerations around long-term planning and aging alone. If you or someone you know is managing finances independently, consider the following ways to build confidence and a stable financial future.
Recognize the balance between confidence and responsibility. Financially solo adults report strong momentum, with more than eight in ten (85%) feeling confident managing their money and nine in ten (91%) saying it gives them a sense of accomplishment2. Many also point to tangible achievements, such as saving for retirement or buying a home, as proof of their progress.
At the same time, independence means carrying the full weight of financial decisions alone. In fact, more than eight in ten (85%) worry about aging alone and navigating the long-term financial decisions that come with it2. Recognizing this dual reality, confidence today paired with long-term responsibility, can help shape a more proactive approach to planning.
Balance today’s lifestyle with long-term goals. Financially solo adults are intentional about how they allocate their resources. Their top priorities include saving for retirement (49%), protecting wealth (44%) and managing day-to-day expenses (38%). At the same time, many choose to spend more on experiences, including social activities, lifestyle enhancements and travel2.
This reflects a broader mindset: independence offers flexibility, but it also requires discipline. Structuring goals across short-, medium- and long-term time horizons can help ensure that today’s spending decisions align with future financial security.
Close gaps in long-term planning. Despite their confidence, many financially solo adults have yet to put essential protections in place. Only one-third (37%) have a formal will, and even fewer have long-term care coverage (29%) or disability insurance (34%). Key legal documents, such as a healthcare directive (41%) or financial power of attorney (38%), are also often missing2.
These gaps are especially important given their top concerns about the future, including running out of savings (43%), affording long-term care (42%) and not becoming a burden to others (41%)2. Putting these foundational elements in place can help reduce uncertainty and provide greater control over future outcomes.
Plan for complex decisions and seek guidance. Without a partner to weigh options, navigating financial choices can feel more complex, especially when it comes to investing, taxes, major purchases and retirement planning – the areas solo adults most often cite as the most challenging to handle on their own2.
As a result, many are turning to professional advice. More than half of financially solo adults work with a financial advisor, and among those who do, over 80% say it boosts their confidence in the future2. Advisors provide not only technical expertise, but also a steady, objective perspective to help individuals navigate uncertainty, strengthen retirement strategies and make thoughtful decisions over time.
Moving forward with clarity and confidence. Being financially solo is increasingly common and often deeply rewarding. It offers control, flexibility and the ability to align financial decisions with personal priorities. With thoughtful planning, a clear understanding of risks and the support of a trusted advisor, individuals can build on today’s momentum and create a more secure future.
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1 – Unmarried Single Americans Week (census.gov)
2 – Ameriprise Financial. “Flying Solo: Navigating Financial Autonomy”. Ameriprise Financial Research Study, 2026.
Russel Phelps MSFP, CFP®, CDFA®, APMA®, AWMA®, MPAS™ is a private wealth advisor with Ameriprise Financial Services, LLC. He specializes in fee-based financial planning and asset management strategies and has been in practice for 33 years. To contact Russel please click Visit my team website
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization’s initial and ongoing certification requirements to use the certification marks.
Ameriprise Financial, Inc. and its affiliates do not offer tax or legal advice. Consumers should consult with their tax advisor or attorney regarding their specific situation.
Ameriprise Financial cannot guarantee future financial results.
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