New research has found that members of Generation X are "the worst" at managing their finances, according to financial planning consultancy Eqeus.
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
- 18 Sep 2018Peter Kell resigns as deputy chair of ASICBy Eliot Hastie
- 18 Sep 2018Two former Macquarie advisers given 10-year banBy Adrian Flores
- 18 Sep 2018McMaster slams ASIC: ‘They knew about our CPP in 2016’By James Mitchell
- 17 Sep 2018ASIC wants a confession from McMasterBy James Mitchell
- 17 Sep 2018ASIC takes Dover director to courtBy James Mitchell
- 17 Sep 2018ASIC gives permanent ban to unlicensed adviserBy Adrian Flores
- view all