Millennial women ride into midlife solo

Basketball Wives/VH1 via Giphy

· 3 min read

Contextualizing the finance news you need to know.

Millennials have had a tough go of the first half of their lives, and a cloud of despair tends to underpin narratives about their lives and spending. But as millennial women face midlife, a particularly strong theme runs through their financial and lifestyle goals: freedom.

In fact, “crisis” may be the wrong word (some researchers cast doubt on the midlife crisis altogether) as millennial women assess how they want to experience the second half of their lives. Witnessing how dissatisfied generations before them were during their midlife periods, plus the stress of the pandemic—juggling remote work, possibly losing a job, sudden loss of childcare—may have kicked many millennial women into re-evaluation mode.

One surefire step to achieving freedom: Become an army of one. For those who aren’t already living on their own, 45% of women aged 24 to 44 are expected to be single and childless by 2030. Plus, college-educated millennial women are less likely than men to be married. Turns out millennial women are committing to the lifestyle over the long term.

Despite a persistent wage gap, single women outpace men in homeownership—a smart financial move that has helped younger women build wealth through home equity. And millennial women seem to be gravitating toward real estate over other types of investments: 42% said they believe investing in real estate nets better returns, while 37% believe real estate is safer than stocks, according to a survey from fintech company Credello.

Even married women are “living apart together,” which might even be saving marriages. The rate of divorce among millennials has fallen by 30% between 1990 and 2017 (another industry we’ve killed 💅), though an estimated 25% of millennials will probably never marry at all.

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This group is also the most interested in traveling alone. A 2019 YouGov survey found that 23% of millennial women would consider traveling alone, compared with 15% of Gen Xers and 10% of baby boomer women, and another survey found that 26% of millennial women have already traveled alone. And it’s not just single women; married and partnered women are happily going on overseas adventures solo—like Christen Scalfano, a digital nomad who travels without her husband 70% of the time.

This tracks with the stereotype of millennials being the “experience” generation. In an American Express survey, 84% said they would prefer paying for a dream vacation over purchasing a luxury item. And businesses are cashing in on the demand for solo travel, as many promise to help you mingle with other solo voyagers.

The move to independence and freedom is reaping financial rewards for middle-aged women. In 2020, a US Bank survey found that 23% of women felt prepared to cover their future financial needs, but by 2022, that total rose to 36%, with millennials and Gen Zers being the most confident.

In general, women of all ages may be getting better prepared financially to face retirement: In 2022, 57% of women said they were confident they would be able to retire when ready, up from 48% in 2020, per the same survey.

None of this is to say that millennial women aren’t blowing a little money on big shiny toys as they approach 40. In fact, many are going after traditionally masculine-oriented toys like motorcycles—a great vehicle for (you guessed it) solo trips. Though for others, the big purchase is an entire farm…and some others are finally getting that pony they’ve always wanted. Ride on. 🏇

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