How to Serve the Often-Overlooked Solo Ager
A growing number of older adults are aging without the traditional support system many financial plans assume will be there.
They may not have a spouse, adult children, or nearby family members to call when something goes wrong. They may be independent and financially capable today, but the planning questions become more complicated as they age: Who helps manage bills after a hospitalization? Who monitors accounts if cognitive decline begins? Who coordinates care, transportation, or household support during recovery?
For banks and credit unions, this is an important and often-overlooked relationship connection.
Solo Aging Is Becoming Harder to Ignore
AARP’s current solo aging guidance notes that about one-third of people age 50 and older live alone and either do not have children, are estranged from their children, or cannot depend on children or other family members for help.
That matters because many financial conversations still assume there is a backup person. A spouse. An adult child. A nearby relative who can help make decisions, pay bills, notice fraud, or step in during a health event.
Solo agers may not have that safety net.
This does not mean they are helpless. Many are intentional, independent, and proactive. But their planning needs can look different. They may need to prepare earlier, document decisions more clearly, and build financial protections around the possibility that informal family help may not be available.
The Caregiving Gap Has Financial Consequences
Family caregiving fills a massive role in the U.S. AARP’s 2026 Valuing the Invaluable report estimates the economic value of unpaid adult family caregiving at $1.01 trillion in 2024.
For solo agers, the absence of that informal support can create real costs.
Help with transportation, meals, home care, bill management, recovery support, or care coordination may need to be paid for instead of handled by family. A short-term health event can quickly become a financial disruption if no one is available to help with the practical details of daily life.
That is why planning for solo agers is not only about retirement income. It is about resilience.
Financial Institutions Can Help Start the Right Conversations
Banks and credit unions are already trusted financial relationships for many older consumers. They do not need to become care providers to play a meaningful role.
They can provide education around trusted contacts, beneficiaries, fraud prevention, account access, emergency planning, and financial protection. The Society of Actuaries Research Institute has also highlighted the need for solo agers to plan for decisions they may face across later life.
For financial institutions, the opportunity is to make these relationships easier to start with educational resources and products that serve them.
That could include helping consumers think through who should be contacted if suspicious activity occurs, whether beneficiary information is current, or how bills and household expenses would be handled after a covered illness, accident, or hospitalization.
Insurance Protection Should Be Connected to Independence
For solo agers, protection is not just about risk. It is about maintaining control.
A covered illness, accident, or recovery period can create expenses beyond the medical bill itself. Rent, utilities, groceries, transportation, and household help may still need to be covered.
Relevant protection solutions can help consumers preserve savings, keep bills paid, and reduce reliance on credit during disruption. When positioned clearly, insurance becomes part of a practical financial safety net.
The message should not be fear-based. It should be centered on confidence, preparation, and independence.
Why This Matters for Banks and Credit Unions
Federal banking agencies have encouraged institutions to consider practices such as trusted contact designation processes to help identify, prevent, and respond to elder financial exploitation.
That guidance reflects a larger point: aging consumers may need more than account access. They may need financial relationships that recognize vulnerability without undermining independence.
Solo agers represent a meaningful consumer segment whose needs cut across deposits, payments, fraud prevention, financial wellness, insurance, and long-term planning.
Generic “senior” messaging may miss the real issue. The deeper question many solo agers face is simple: Who helps me if something happens?
At Franklin Madison, we help financial institutions identify and serve consumer segments whose financial protection needs may be overlooked. Through data-driven insight, relevant protection solutions, and consumer-focused marketing, we help institutions support financial wellness in moments that matter.
For solo agers, that support can mean confidence, preparation, and a stronger financial safety net.
