Perspective

A family of one: The ascendance of solo households

Explore the rise in the soloist population and how advisors can help.

Key Takeaways
  • Families have been the basic unit of social and economic life across cultures, geographies, and nationalities for thousands of years. That started to change in the middle of the 20th century, when a growing number of people started living alone for sustained periods.
  • These solo dwellers, or soloists, include people delaying partnership to later in life, those choosing to remain single and live alone without roommates or family, as well as divorced or widowed adults who reside independently.
  • The share of one-person households in the U.S. has more than doubled to 28% since 1960, and now equates to one out of seven adults.1 That number looks set to rise as some key demographic trends play out.
  • Soloist households will continue to grow in the U.S. and across the world, and as financial services companies strive to serve them better, important considerations include tailoring planning and advice to their needs, helping them develop decision support networks, and addressing misconceptions about living alone.
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1. https://www.census.gov/newsroom/press-releases/2021/families-and-living-arrangements.html

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