Only 14% of Gen Xers have access to a traditional pension, compared with 44% of baby boomers. Many Gen X workers also lacked tools now common in retirement plans — such as automatic enrollment and target-date funds.
“Gen X is the first generation to shoulder full responsibility for their retirement. They became DIY financial planners by necessity, not by choice,” said Nick Lane, president of Equitable. “Now in the prime of their careers, with the oldest Gen Xers thinking seriously about how they will live the next 20 to 30 years in retirement, they face a new chapter — one that demands more than simply accumulating assets.
“To grow their wealth, plan for retirement and leave a legacy, Gen X investors need comprehensive wealth planning and sophisticated strategies. They are primed to work with a trusted financial professional to help them achieve these top priorities.”
Planning gaps, competing priorities
Nearly eight in 10 respondents reported confidence in their investment decisions and said they are actively saving and investing while working.
But 40% of Gen Xers said they do not have a formal written financial plan. Among those who do, about half created the plan independently, which may leave gaps in broader financial strategies, the study found.
Survey respondents were high earners who did not expect to receive an inheritance or a primary benefit of $100,000 or more.
The study highlights the pressures facing Gen X as the “sandwich generation,” supporting both children and aging parents while saving for retirement.
Seventy-four percent of Gen X respondents said leaving a legacy for family is a priority — adding complexity to long-term planning. Retirement could last 20 to 30 years, while legacy planning extends even further into the future.
Risk aversion, openness to advice
Gen X respondents cited major economic disruptions during their careers, including the dot-com bust, the 2008 financial crisis and the COVID-19 pandemic.
As a result, 55% described themselves as risk-averse and unwilling to increase investment risk. The study notes that overly conservative portfolios could affect retirement outcomes and legacy goals.
Despite their independent approach, Gen X investors expressed openness to professional guidance.
More than three-quarters said they trust adviser recommendations, and 84% said they want an adviser who understands their financial goals before engaging.
Eighty-one percent said guaranteed income is important — and more than 70% would adopt guaranteed income strategies if recommended by a trusted adviser.
“Many Gen Xers have developed their own investing savvy, but they also value advisors who meet them with empathy and take the time to understand what truly matters to them,” said Molly Reese Ward, a financial advisor with Equitable Advisors.
“In my conversations with Gen X clients, I’ve seen firsthand how much they want tailored advice that considers their entire financial picture — not just investments. That’s how advisors can earn their trust and help them meet their goals.”
