Single Canadian boomers treasure the personal freedom of the single life, but also plan to work longer and have concerns about who will care for them in their elder years, new research from Investors Group reveals.

The national survey of 2,628 singles between the ages of 40 and 60 years is one of the first financial planning focused surveys of this demographic cohort.

The study comes after Statistics Canada findings released in 2007 revealed a record 3.3 million households across Canada had only one resident.

Investors Group research found personal freedom was a key value for single boomers, with 89% placing high value on being free to “do whatever they want”. The ability to manage personal finances without interference was nearly as important — with 81% citing it as an advantage of being single.

But going solo has its drawbacks.

More than two in five respondents (43%) said they will likely retire later in life because they are single. Twenty-eight per cent say they plan to work past the traditional retirement age of 60 to 65, and the majority of this group (54%) plan to do so because they need the income and/or access to health benefits.

In addition, 43% of respondents without children worry that they may not have someone to care for them in their old age.

The survey also found that 40% of single boomers don’t have a financial plan designed to meet the unique needs of being single.

“Personal freedom is wonderful but shouldn’t be taken for granted,” says David Ablett, senior retirement planning specialist at Investors Group. “Singles may have the flexibility and advantage of doing whatever they want – but they can’t afford not to plan for the future. A personal financial plan helps secure personal freedom into the future, especially for singles who don’t have the built-in support of a spouse or partner.”

A total of 2,628 surveys were completed with Canadian adults aged 40 to 60 between January 16, and January 21st, using the Harris Decima online panel.