In a statement, the company said only 15 per cent of Gen X (aged 35-49 years old) set financial goals, compared to 29 per cent of Gen Y.
At the same time, Baby Boomers were found to be the most in control of their finances, with 46 per cent saying they have seen a financial planner in the past.
Eqeus managing director John Hollyman said: "Gen X have 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 and are bogged down with the cost of raising kids and stressing that the mortgage isn't being paid off as quickly as they hoped," he said.
"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."
Further, the research found that the main barrier to setting goals for all age groups is "the feeling" that all income goes straight to bills and other living expenses.
"It is a common issue that most people like to avoid. However, there is no way around it. Gen X especially need to work towards maximising the money they have, rather than hoping things will get better," Hollyman said.
SUBSCRIBE TO THE IFA DAILY BULLETIN
24 Jun 2016AMP board names new chairBy Staff Reporter
24 Jun 2016Cbus’ new advice model to satisfy best interests dutyBy Staff Reporter
24 Jun 2016Banks must tackle risk culture, BTS saysBy Staff Reporter
24 Jun 2016CBA reappoints Morningstar as AFSL research providerBy Staff Reporter
24 Jun 2016ASIC takes legal action against MacquarieBy Staff Reporter
24 Jun 2016IOOF hires new alternatives portfolio managerBy Staff Reporter
- view all