It is critical to “think single” in money matters when it comes to financial problems. This applies to everyone! Single, divorced, or widowed adults will have to learn to manage their finances independently at some point in their life. You have to decide that no one will take care of your financial needs and come to terms with the fact that you are the only one responsible for meeting those needs.
Adults who have never been married, divorced, or widowed are considered single. There are 110 million single persons in the United States, accounting for more than 40% of all adults. Fifty-three percent are female, while 47 percent are male. That means there are 88 single guys for every 100 single women. Single Americans are becoming more common, accounting for one-quarter of all households.
Sixty percent of singles have never said, “I do.” Divorce affects 25% of single people. Half of all first marriages result in divorce, with 40% of those ending within ten years.
The death of a spouse happens in half of all marriages, and it is most common before the age of 62. Seventeen percent of singles are widowed, and 18 percent are 65 or older. Smart people should always think single! All adults, on their own, must develop this thinking for a successful financial future to cope with these life events.