Financial Confidence, Independence and the Challenges of Managing Money Alone

Nearly half of all U.S. adults are single, and a growing number of them are not just coping with financial independence — they are embracing it. A new Ameriprise Financial study, Flying Solo: Navigating Financial Autonomy, finds that 85% of financially solo adults feel confident managing their own money, and 91% report a sense of accomplishment from doing so. Yet beneath that confidence lies a set of real and pressing concerns: outliving savings, affording long-term care and shouldering complex decisions — from investing to retirement planning — without a partner to lean on.

Deana Healy, Vice President of Financial Planning & Advice at Ameriprise Financial unpacks what the data reveals, challenges persistent stereotypes about single adults and offers concrete guidance for anyone navigating their finances independently — whether by choice or by circumstance.

CM: Your new study suggests that most financially solo adults feel confident managing money. What surprised you most about how strongly that confidence came through in the data?

DH: One of the more surprising findings was just how strongly confidence came through in the data. There’s often an assumption that people navigating life – and their finances – on their own feel more uncertain or at a disadvantage, but that wasn’t what we found. In fact, many financially solo adults feel empowered by their independence. Our research found that 91% say managing their finances on their own gives them a sense of personal accomplishment.

At the same time, that confidence doesn’t mean they’re without concerns – especially when it comes to aging, retirement, long-term care and healthcare planning. So while many feel they’re doing a lot right today, there’s still a clear need for guidance as they plan for the future.

At the same time, many solo adults cite fears about running out of savings and affording long-term care. How do you reconcile high confidence with these very real underlying anxieties?

When you’re managing your finances without a partner, you’re fully responsible for every decision, from day-to-day choices to long-term planning around retirement, healthcare and legacy. That can create a strong sense of accomplishment and independence, but it also means there’s less margin for error without a second income or safety net to fall back on.

As a result, many financially solo adults feel confident in how they’re managing their finances today, while still facing uncertainty when it comes to more complex, long-term decisions and outcomes. That’s where thoughtful financial planning, and the guidance of a trusted advisor, can play a critical role in helping bring clarity, structure and confidence to those higher-stakes decisions.

CM: The study points to inflation as a major pressure point. What adjustments are solo adults making in their budgets and plans to cope with higher costs?

DH: Inflation is clearly top of mind for financially solo adults, ranking alongside concerns about the health of the U.S. economy and rising healthcare costs. It reinforces the importance of taking an intentional approach to finances – something that matters whether someone is managing money solo or with a partner – by balancing near-term needs with long-term goals like retirement and being thoughtful about how and where they spend.

Managing those pressures isn’t about making rushed changes. It’s about taking a disciplined, long-term approach and ensuring decisions stay aligned with personal financial goals.

Investing, taxes and retirement planning ranked among the hardest decisions to navigate alone. Where do you see the biggest knowledge gaps, and how can advisors help close them?

Without a built‑in partner, long‑term decisions, especially around aging, retirement and protection, can feel heavier. Our survey showed that these are the areas where there’s the largest gaps in confidence – top concerns include running out of savings (43%), affording long-term care (42%) and becoming a financial burden to others (41%).

This is why many financially solo adults value professional guidance. Advisors can help pressure‑test decisions, translate complexity into clarity and prepare for uncertainty, reinforcing confidence without taking away control.

CM: For someone newly solo after divorce or widowhood, what are the first three financial steps you recommend they take in the first 90 days?

DH: For someone who is newly solo after a divorce or the loss of a spouse, it’s important to remember that not every financial decision needs to be made immediately. The first 90 days can be an emotional and overwhelming period, so while it’s critical to understand your financial situation, it’s equally important not to rush major decisions before you’ve had time to adjust to this new reality.

First, take stock of your current financial position, including your income sources, assets and available emergency savings. Having a clear picture of where you stand can help create a sense of stability and identify any immediate needs.

Second, conduct an inventory of your investments, insurance policies and estate documents. Understanding what resources and protections are already in place provides a strong foundation for future planning.

Finally, begin thinking about what matters most to you moving forward. Navigating life as a newly single person may bring new priorities, goals and aspirations. Working with a trusted advisor can help explore those possibilities and build a plan that aligns with the future you want to create.

CM: What is the single most important piece of advice you would offer to someone who is managing their financial future entirely on their own?

DH: Financial independence doesn’t mean going it alone. Even without a partner, having the right support system is key. Whether you’re financially solo by choice or life circumstance, a trusted advisor can make a meaningful difference – helping you make informed decisions and plan for the future with greater confidence.