Gen X’s DIY mindset hides a major retirement planning opportunity for advisors

Generation X investors have spent decades navigating markets, managing their own portfolios and building retirement savings largely on their own.

But new research from Equitable suggests that beneath this self-reliant confidence lies a significant planning gap and demand for deeper, more holistic guidance.

The study, Approaching Retirement: Getting Gen X from Good to Great, explores how Americans born between 1965 and 1980 are preparing for retirement. The findings reveal a generation that feels capable making financial decisions, yet often lacks the structured planning needed to convert savings into lasting retirement security and legacy outcomes.

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Gen X came of age during the shift from traditional pensions to self-directed retirement accounts. As a result, many became do-it-yourself investors out of necessity.

The research shows most Gen Xers express strong confidence in their financial decision-making and remain active savers and investors. However, a substantial share do not have a formal, written financial plan. Among those who do, many created the plan on their own without professional guidance.

That combination of confidence and incomplete planning is where advisors can play a critical role. As retirement approaches, the financial questions facing Gen X are becoming more complex, transitioning from accumulation to income strategies, managing longevity risk, optimizing taxes and structuring wealth transfer plans.

“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.”

The research also highlights competing priorities shaping Gen X financial decisions. Many are balancing retirement savings with supporting children, helping aging parents and managing mortgages and other long-term obligations. Leaving a financial legacy for family ranks as a top goal for a large portion of respondents, adding further complexity to planning decisions.

Market volatility over the past two decades has also influenced attitudes toward risk. Having lived through multiple major downturns, many Gen X investors describe themselves as cautious, which can create challenges in achieving long-term growth if portfolios become overly conservative as retirement nears.

Despite their independent history, Gen X investors are not opposed to professional advice. The study shows strong trust in financial advisors, particularly among those who feel an advisor truly understands their personal goals and circumstances.