Ameriprise Study Reveals Financial Confidence but Aging Concerns Among Solo Adults
Event summary
- 85% of financially solo adults feel confident managing money, yet 85% worry about aging alone, per Ameriprise's 'Flying Solo' study.
- 91% of solo adults feel a sense of accomplishment, with 74% having positive emotions about managing finances independently.
- Only 37% have a current formal will, and 29% hold long-term care insurance, highlighting unmet planning needs.
- 52% of respondents work with a financial advisor, with 62% of widowed individuals seeking professional guidance.
The big picture
Ameriprise's study highlights a strategic opportunity in the growing demographic of financially independent adults who are confident in their financial management but concerned about long-term planning. With nearly half of American adults being single, the demand for professional financial advice is likely to rise, positioning Ameriprise to capitalize on this trend. The study underscores the importance of comprehensive financial planning, including wills, long-term care insurance, and legal safeguards, areas where Ameriprise can expand its service offerings.
What we're watching
- Advisor Dependence
- How Ameriprise can leverage the growing reliance on financial advisors among solo adults to expand its advisory services.
- Long-Term Planning
- Whether Ameriprise can address the gap in long-term care and disability insurance among financially solo adults.
- Market Positioning
- The pace at which Ameriprise can differentiate itself in the competitive financial advisory space by targeting solo investors.
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