GEN X being left behind when it comes to their finance

By John Hollyman12 Apr 2016

 Today, Generation X are at a crucial part of their lives, likely managing a mortgage, paying school fees and trying to go on holidays, but research undertaken by financial planning consultancy Eqeus, shows that at a time when it should be a top priority, Generation X  are dropping the ball when it comes to managing their money.

Only 15% of Gen X (35-49 year olds) set goals when it comes to finances while Generation Y are surprisingly the best, with 29% saying they set goals for the future.

Over 1,000 people took part in the nationwide study, which was designed to find out about the personal finance habits of Australians.

John Hollyman, Managing Director of Eqeus, said: “Gen X has a lot going on, so it is easy to understand why they avoid their finances, however they are the ones who most need to get it sorted.

“We see a lot of our clients who are flirting with their forties, who haven’t set any goals when it comes to money. They are bogged down with the cost of raising kids and stressing that the mortgage isn’t being paid off as quickly as they hoped.

“It is vital Gen X focus on getting their finances in order by considering what long term strategies can help, well before they start heading towards retirement,” said Hollyman

The research also found that the main barrier to setting goals for all age groups is the feeling that any money that comes in goes straight to bills and living expenses.

“Gen X especially need to work towards maximising the money they have rather than hoping things will get better,” said Hollyman

“Baby Boomers were found to feel the most in control of their finances, and we may seem a little biased but 46% of boomers have seen a financial planner in the past to get educated or to seek assistance with personal finance decisions, compared with just 28% of Gen X. It may be that this kind of advice can help you set goals and understand how to save money.

“Gen X are inching closer to crucial milestones like retirement and now is the time to start planning – not when you’re 60 and almost too late,” he concluded.


What should GEN X do to get their finances in order?

Set some goals

The best thing to do is think about what you really want out of life – now and in the future. You’d be surprised how many couples actually have different goals despite living together for many years. Once you know this, you can put a financial plan in place.

Build a plan that’s right for you

Just because your friends are doing one thing doesn’t mean it’s right for you. At Eqeus, we create bespoke financial plans that help you achieve your goals – not the Robinsons around the corner.

Reality check

Once you have your goals in place, you may find the numbers simply don’t add up and that early retirement, private schools or that six month holiday are no longer on the bucket list. The good news is, with the right plan in place, these things can once again become a reality.

Find a coach

We’re very much the coach of the team – we help you set your goals, put a plan in place to get you financially fit, teach you some new skills and provide scenarios so that you’re ready to take advantage of every opportunity. It’s this team work that ensures you kick your financial goals.


Galaxy Personal Finance Study, April 2015, 1003 respondents. 


John Hollyman

John’s clients say it is his attention to their story, his ability to lead their journey to discovering wealth and his fundamental desire to get things done that sets him apart from others in his field, while his peers quote trustworthiness, clear strategic thinking and thoroughness that goes above and beyond expectations.

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