Thinking Gen X: An Overdue Look at an Overlooked Generation

However, fewer than 50% of Xers have as much wealth as their parents did at the same age. Blame a delayed entry into work life due to a lengthier education, along with a lower savings rate and less cooperation from the market. An important point for many members of this generation, for "lower savings," read "higher student debt."

As for market balkiness, in contrast to boomers, whose portfolios were goosed by the S&P 500′s 15.4% real annualized return between 1985 and 2000, Gen Xers saw returns of only 1.9% from 2000 to 2014, as reported by Noah Smith on Bloomberg View.

The Secret World of Money

There's a deeper issue, according to Herbers. A Gen Xer herself, she says, "Our generation is indifferent to talking about money," unlike "boomers who avoid talking about money" and "millennials who talk all the time about money."

This doesn't mean Gen Xers don't care about their finances. "We do care," Herbers says. "It's just that we often don't know what to do about money or where to turn, which is where we really need help."

(Related: 10 Ways to Engage Gen Xers)

She believes that this lack of knowledge explains why Gen X tends to be unprepared in many financial aspects of their lives. "Research shows that they're underinsured; they're underfunded for retirement; they're not teaching their kids anything about money," she points out. "In general, they have no confidence about money because their unfamiliarity with it makes them feel it's insignificant."

What Do They Want To Hear?

There's a clear distinction among the messages these different generations like to hear, Herbers says. "Baby boomers like straight talk. Millennials like messages that make them feel in motion. Gen X like messages that give them meaning.

"Finding meaning is the best way to overcome indifference," she explains. "To get them out of indifference and to care more about money, you have to ask them, 'What does money mean to you?' Unlike millennials who find meaning in social causes and baby boomers who made money their meaning, Gen X needs help finding the meaning for their money."

So what advisor message would resonate most strongly with this generation? "Anything with purpose," Herbers replies.

Most Important: Trust

Trust inspires strong loyalty among members of this generation. Although Xers tend to act on their own, Marston emphasizes that they do have friends with whom they share good advice and recommendations of people they trust. Their loyalty can disappear in a flash, though, if they feel they've been deceived.

As Gen Xers become more knowledgeable about their finances, their behavior changes. A 2016 Transamerica Institute study found that 52% of Xers who worked with advisors had at least $100,000 in retirement savings. Only 27% of those without an advisor had saved that much.

Greater money savvy can benefit this generation's children, too. "Much as they knew to buckle their kids' seatbelts and put bike helmets on them, this generation has started to become aware of the danger of staying silent about money," says Birke. "While it's still an uncomfortable conversation for those who don't feel they have a handle on the topic themselves, many more parents seem to be prioritizing money conversations with their kids than their boomer parents did."

However, he adds, "Money is still an intimate, taboo, and for most, scary subject. The more this generation can take the plunge into forming healthy money habits and being transparent with their friends and loved ones, the better off they'll be. In my opinion, this is the single biggest gift they can give their kids."

To achieve that cross-generational benefit, Gen Xer Herbers says, the challenge for advisors is clear. The Xers may be a smaller cohort than either of their sibling generations (an estimated 65 million Xers versus 77 million boomers and 83 million millennials), but she says, "If there's a generation that will define financial advice, it will be this generation. And if there is any generation that needs help with money, it's us, the Gen Xers, right now."

— Read Thinking Millennial: How to Woo the Largest Generation on the Thinking Generations home page.