Whether you’re in the market for a new relationship or content with being single, managing finances while you’re flying solo can seem like a burden — but it comes with some surprising perks. While being single means not having that pillar of support to curb you from going over your budget, you have greater freedom with how to spend and save your money.
About one-third of U.S. adults (31 percent) report being single (not married or in a committed relationship), according to Pew Research Center. If you’re someone who falls into that category, one of the advantages of being single is that you can focus on working toward goals that matter to you, whether they include traveling the world or saving for retirement.
Here are some tips for singles to help them keep up with their financial goals.
Key statistics for single U.S. adults
- The percentage of single U.S. adults is the same for men and women at 31 percent, though the percentage is higher for men aged 18 to 29 and women aged 65 years and older.
- The percentage of single adults varies by race, too — 28 percent for white adults, 27 percent for Hispanic adults and 47 percent for Black adults.
- The average weekly earnings for individual, full-time workers in the second quarter of 2022 was $1,041, which, if annualized, would be over $54,000 a year.
- Nearly two-thirds (65 percent) of single women want to buy a home regardless of whether they get married.
- The predominant barrier to single women buying a home is financial instability, with 74 percent of single women reporting finances as the reason they have not purchased a home yet.
- The median annual income for single adults ages 25 to 54 was $35,000 in 2019, while the median annual income for partnered adults was $49,000.
- While 31 percent of single adult men and 24 percent of single adult women live with their parent(s), only 2 percent of partnered adults do.
Sources: Pew Research Center, U.S. Bureau of Labor Statistics, Bank of America
Being single in 2022
A growing share of people in the U.S. are without a spouse or a partner. In 1990, 29 percent of adults ages 25 to 54 were single; today, that’s increased to 38 percent among the same age group. That share is even higher for adults ages 18 to 29 (41 percent). Importantly, though, the number of adults who are unmarried but cohabiting has more than doubled since 1990.
While it’s certainly not the only factor when it comes to dating, financial stability is an important quality for many singles today. In a 2021 survey by the dating service Match, it …….