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More than half of American households were reportedly childless in 2023, with unpartnered individuals making up 29 percent. For some, this represents freedom, and for others, it simply amplifies the financial strain that often comes with living solo.
It’s no surprise that the world was built to favor dual-income couples, but why do single people have to pay the price for it? Reports indicate that single adults spend roughly $10,000 more annually on basic expenses than their married counterparts, with some estimates approaching one million over a lifetime when factoring in taxes, housing, insurance, and retirement savings.
However, it’s not all bad for those riding solo. Content creator Alexis Wilkerson says she’s proud of all she’s accomplished financially as an independent woman. “I’ve pursued purchasing two homes independently, and it has been incredible,” Wilkerson told EBONY. “I want every good thing out of this life, and I would not wait for the day that anyone hands it to me when I have the knowledge, wisdom and ability to get up and get it on my own.”
Wilkerson says she started seriously thinking about building wealth around the time she graduated from college; however, it really manifested once she left corporate America. “My undergraduate studies and degrees led me to be a biopharmaceutical microbiologist, which paid me a healthy salary to be financially independent and start to go after the things I wanted at a young age — I was able to multiply that income 10 times as an influencer,” she said.
Wilkerson believes this gave her access to more resources, allowing her to build wealth on her own terms before starting a family. Likewise, Kossi Tchenawou said that after he saw the financial impact he was having on others, he made the bold decision to start creating wealth for himself. “I used to oversee RE/MAX franchises across Wisconsin and Indiana as a franchise development consultant for nearly five years,” said Tchenawou, who’s the founder of Denver-based plant shop OnlyPlants.
Tchenawou shares that most people assume you need a partner to hit big milestones, but he actually finds it easier to make decisions when you’re solely responsible for yourself. Still, with independence naturally comes a couple of fears. “When you’re building everything yourself, there’s no one else to fall back on,” he said. “You celebrate your wins alone, and you carry your losses alone — it’s all on you. That pressure can be heavy, but it also forces you to become resilient and resourceful.”
While Tchenawou has already bought a home and has traveled extensively, he looks forward to the days when he’ll eventually do those things and more with his life partner. For now, he’s focused on putting himself in a financial position where he can take care of his current family members — while preparing for his future family.
According to Western & Southern Financial Group, 21 percent of married Americans have never discussed debt with their spouse, and over one in four have waited until after marriage to address it. Perhaps this is why a handful of proactive singles are using resources like budgeting, investing, retirement contributions, and financial advisors to get ahead of financial woes before cohabiting and reproducing with another person.
In fact, podcaster and entrepreneur Chizi Duru says it was actually her financial advisor who taught her the power of compounding growth and making her money work for her. “Investing in your mindset and financial literacy will pay off in dividends and is truly the best thing I ever did to set me up for success,” Duru told EBONY.
Things like the “single tax” aren’t major stressors for Duru, since she’s done the work to shift her opinions surrounding money. “The thought of knowing that I don’t need anyone else to survive financially gives me way more peace and joy than focusing on the fact that I spend more money as a single person compared to someone who isn’t,” she said.
Duru has done everything from therapy to business coaching in order to help build a better relationship with money. She also shared that surrounding herself with people who are also focused on building wealth opened up a world of new possibilities.
“How you approach money, at any income level, will follow you as you make more,” Duru said. “So definitely address any knowledge gaps and limiting beliefs you have with money.”
