It’s February – the month of romance – and with that in mind, there’s increasing talk about the intersection of finances and romance.

Single folks might not want to hear it. After all, there old though still lingering perceptions that single people aren’t as affluent as their married counterparts and it’s not up for debate that married get tax breaks their unmarried friends can’t access. For example, the standard deduction doubles for married couples and they get access to the Earned Income Tax Credit (EITC) while also getting the benefit of a more advantageous tax bracket if one member of the couple makes significantly more than the other.

Sure sounds like a financial drag to be single, but that shouldn’t be an impetus for singles to rush into ill-fated relationships simply in the names of income enhancements and tax breaks. Fortunately, it appears many singles realize as much. A new study by Ally Bank confirms singles, broadly speaking, don’t feel financially burdened by that status.

“While a significant 61% of singles cover all their expenses — from rent and utilities to everyday costs—entirely on their own, only one-third (33%) perceive this as a ‘singles tax,’” according to Ally. “This suggests that for many, solo financial responsibility is empowering, offering greater autonomy, freedom, control and peace of mind. Consequently, the perceived burden of a ‘singles tax’ may often be overstated.”

Singles Are Alright, But They Could Use Advisors’ Help

Maybe it’s the aforementioned perceptions about income or industry-rooted notions about married people being “better” clients, but whatever the reasons are, singles aren’t targeted by advisors as much as married couples are. That should change and both singles and advisors should do something about it. For advisors, they need to get wise to the fact that being single doesn’t mean a person is in a bad place financially. Actually, the opposite is often true.

“The narrative that singles are financially disadvantaged is being rewritten," said Lindsay Sacknoff, president, consumer banking at Ally. "Our survey illustrates that many are not 'just single,' but single, solvent and surprisingly satisfied. This refreshing data underscores the importance of not only aligning financial goals with values, but ensuring those values guide your spending, saving and investing decisions, regardless of whether you're single or partnered."

Advisors resolving to cater to more single prospects may find this to be an opportune way of converting more women from prospect to client because data indicate women aren’t just major beneficiaries of the great wealth transfer, they’re increasingly content being single.

“According to the survey, nearly seven in 10 singles (68%) generally feel content with their single status, despite 75% admitting to worrying about money at least several times a year,” adds Ally. “This data also highlights a distinct gender dynamic: single women report higher contentment with being single, yet they also experience greater financial anxiety than single men. This disparity reflects the intricate balance many women navigate between emotional fulfillment and financial responsibility.”

More Reasons for Advisors to Connect with Singles

Admittedly, I’m not an advisor marketing expert, but I am single and I’d probably attend a singles-specific event, workshop, etc. put on by a wealth management firm. Just an idea, but perhaps one worth exploring because it’s clear singles need advisors.

For all the talk about the perks of independence and not feeling burdened by managing their finances, singles can benefit from having another set of eyes on their investments, spending habits and the like.

“The findings further emphasize that while independence is valued, it does not automatically translate to financial ease,” concludes Ally. “Even though a considerable 70% of singles believe they are performing as well as, or even better than, their peers financially, managing money without a partner often demands careful attention, thorough planning and resilience. In fact, when evaluating their personal finances, singles are more likely than their coupled counterparts to report feelings of anxiety (34% vs 29%), overwhelm (30% vs 26%) and worry (29% vs 26%), reflecting the emotional weight of managing money alone.”

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