Generation X is typically defined as those born between early-mid 1960s and the early 1980s. At this time, they are in their peak earning years and find family to be an integral part of their identity. Gen Xers are twice as likely as Baby Boomers to say their financial choices are influenced by family. They also trust themselves twice as much as anyone else, including a financial advisor. Gen Xers feel they are defined by their strong work ethic.
Likely due to their age, 70% of Gen Xers list retirement as their top financial priority. Only half of their cohort trusts financial advisors and they are a generation least likely to have a financial advisor. However, as a highly curious generation who is worried about retirement and how to best take care of their family, a financial advisor may help Gen Xers to do their own research and focus on long-term family goals. Events such as college planning, divorce, or the sale of the house can be addressed with the help of a financial advisor.
Gen Xers are not afraid of investing more to potentially gain a higher reward, especially if they feel behind on their financial goals. Many also prefer to research investments themselves. Therefore, Gen Xers may prefer an investment approach that is tailored to accommodate higher risk and appreciate incorporating some of their research into their investment strategy. It is up to the financial advisor to best assess a client’s risk tolerance and address any investment considerations or questions for them.
Since Gen Xers are family-focused, it is vital to address any family-oriented goals they may have and incorporate those within their financial strategy.
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