Majority of Gen X Feels Confident in Their Investment Decisions, Yet 40% Lack a Formal Financial Plan
Equitable study reveals opportunity for financial professionals to help this self-reliant generation grow their wealth, plan for retirement and leave a legacy
Equitable, a leading financial services organization and principal franchise of Equitable Holdings, Inc. (NYSE: EQH), today released a new study, "Approaching Retirement: Getting Gen X from Good to Great." The white paper explores Gen X's attitudes and behaviors around investing and retirement planning, offering insights to help financial professionals serve the holistic planning needs of this self-reliant generation as retirement shifts from a distant goal to an approaching reality.
Gen X, which includes more than 65 million Americans, entered the workforce during a major shift in the U.S. retirement landscape. Employer-funded plans such as pensions gave way to employee-funded defined contribution plans such as 401(k)s and IRAs, placing the responsibility for retirement planning squarely on individuals. Notably, only 14% of Gen Xers have access to a traditional pension, compared to 44% of baby boomers.1 Additionally, as the inaugural class of the 401(k), Gen Xers had limited guidance and education on how to maximize these retirement savings plans. They lacked modern tools such as automatic enrollment and target date funds, which were available to younger generations like millennials and Gen Z.
"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."
Commissioned by Equitable and conducted by The Wall Street Journal's Intelligence Unit, the "Approaching Retirement: Getting Gen X from Good to Great" study presents key findings from a survey of 500 retail investors — primarily Gen X, with millennials and pre-retiree baby boomers included for comparison. Overall, the survey respondents are high earners who do not expect to receive an inheritance or a primary benefit of $100,000 or more.
As financial professionals look to better engage and provide holistic planning support to Gen X clients, Equitable's study uncovered the following key insights:
- Confidence versus preparedness gap: Gen X has navigated a shifting retirement landscape and economic volatility to successfully accumulate wealth on its own. As a result, the study revealed that nearly eight in 10 respondents feel confident in their investment decisions and are actively saving and investing while still working. Yet the research uncovered a planning paradox: 40% of Gen Xers lack a formal written financial plan. Among those who do have a plan, half created it independently — potentially leaving them vulnerable to blind spots without the guidance of a financial professional to develop a holistic strategy.
- Helping Gen X investors plan for competing goals: As the sandwich generation, Gen X is balancing the needs of aging parents and dependent children, while trying to save enough to achieve their retirement goals. For example, the study shows that 74% of Gen Xers prioritize leaving a legacy for their family — creating competing timelines. Retirement for this generation could last 20 to 30 years, while leaving an inheritance requires an even longer horizon. A financial professional can help navigate these competing priorities, balancing today's needs with future plans.
- Lessons from the past drive caution: While most Gen Xers are confident investors, past experiences have made this generation more conservative in their financial planning and investment decisions. They weathered several financial crises during their working years, including the dot-com bust in the early 2000s, the Great Financial Crisis in 2008 and the COVID-19 pandemic in 2020. As a result, the study found that 55% of Gen Xers are risk-averse, preferring not to increase their risk and return exposure. Yet overly conservative portfolios could jeopardize their long-term retirement security and their goal of leaving a legacy for future generations.
- Ready to level-up their DIY financial planning: While Gen Xers have successfully accumulated assets during their working years — largely on their own — they value retirement and investment advice from financial professionals. The study reveals that more than three-quarters trust advisor recommendations and decisions, indicating they are open to support. However, before engaging, 84% want an advisor who deeply understands their financial goals. As Gen Xers focus on growing their wealth, leaving a legacy and ensuring they do not outlive their savings, 81% recognize the importance of guaranteed income. Further, more than seven in 10 would implement guaranteed income strategies, if recommended by a trusted financial professional.
"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, CFP, CDFA, and 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."
About the study:
The "Approaching Retirement: Getting Gen X from Good to Great" study was commissioned by Equitable and conducted by The Wall Street Journal's Intelligence Unit. It presents the key findings of a survey of 500 retail investors representing household finance decision-makers aged 35–64. Survey respondents have household incomes of more than $100,000 and a net worth of more than $100,000, who do not expect to receive an inheritance or a primary benefit of $100,000 or more. The breakdown by generation includes millennials (ages 35–44) at 33%, Gen X (ages 45–54) at 56%, and pre-retirees (ages 61–64) at 11%. The survey was fielded from July 11, 2025, to August 1, 2025.
About Equitable:
Equitable, a principal franchise of Equitable Holdings, Inc. (NYSE: EQH), has been one of America's leading financial services providers since 1859. With the mission to help clients secure their financial well-being, Equitable provides advice, protection and retirement strategies to individuals, families and small businesses. Equitable has more than 8,000 employees and Equitable Advisors financial professionals and serves 4 million clients across the country. Please visit equitable.com for more information.
1 2023 National Institute on Retirement Security, "The Forgotten Generation: Generation X Approaches Retirement."
The reference to 1859 Founding refers exclusively to Equitable Financial Life Insurance Company (NY, NY). Duly registered and licensed Financial Professionals offer securities through Equitable Advisors, LLC (NY, NY), member FINRA, SIPC (Equitable Financial Advisors in MI & TN), offer investment advisory products and services through Equitable Advisors, LLC, an SEC-registered investment advisor, and offer annuity and insurance products through Equitable Network, LLC (Equitable Network Insurance Agency of California, LLC; Equitable Network Insurance Agency of Utah, LLC; Equitable Network of Puerto Rico, Inc.). Equitable is the brand name of the retirement and protection subsidiaries of Equitable Holdings, Inc., including Equitable Financial Life Insurance Company (Equitable Financial) (NY, NY); Equitable Financial Life Insurance Company of America (Equitable America), an AZ stock company with an administrative office located in Charlotte, NC; and Equitable Distributors, LLC. GE- 8672656.1(12/25) (Exp.12/29)
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