The Economics of Singles Over 40 — What You Should Know
I have lived single my 59 years on earth and have never thought about the economics of living solo until I learned about Colorado Public Radio’s event, “Party of One: The Economics of Being Single”. Today, there are historic numbers of us living alone as we age and many, have lived solo the entire adult lives, especially women.
So, I thought I would break down a few interesting points from the CPR X Marketplace session for you solo-agers out there.
1. More of us are living solo than ever.
Single-household numbers are rising and being driven largely by those of us who’ve never married and it’s reshaping the workforce and consumer economy.
2. Being single impacts how we earn, save and spend.
Single women now make up a fast-growing portion of the labor force and we’re participating at higher rates than ever before. That’s a good thing but here’s the deal. The pay gap remains and has barely budged over the past decade. And well, things are a bit more expensive for us.
3. Solo living stretches the budget in ways couples don’t always feel.
Without a two-income, household the benefit that couples often have, solo agers have more financial pressures from housing and healthcare to daily expenses, it all adds up.
Why it matters for us (and our 40+ Lab community).
Whether we’re single by choice or by circumstance, the message is loud and clear: we simply have to be more financially intentional.
Barbara Brooks, founder of SecondActWomen and age-positve speaker
Quick actions we can all be reminded of are to:
Audit your earnings and savings strategy: Are you compensating for lack of shared resources?
Prioritize budgeting for essentials so you don’t end up playing catch-up.
Build that contingency savings for solo life events (job change, health issues, relocation) but this is your reminder
Recognize spending patterns: being single may mean spending differently, so align your choices with your values.
Watch the entire event, Party of One: The Economics of Being Single and get ready to hear more truth bombs.
