Enjoying life now or planning ahead? Find a way to do both

The reality is, it doesn’t have to be one or the other. In fact, Lloyds Wealth research suggests many people in this stage of life are already finding ways to do both: taking practical steps to plan ahead while still making the most of today.

When we asked Gen X what matters most when planning for the future, the results reflect just how much is on their plate. Supporting family sits firmly at the top, with 83% saying it’s a key priority. Retirement planning is close behind at 76%.

Passing on wealth is also part of the picture, although slightly lower down the list, with 45% saying it is important to them. . At this stage, the focus may often feel liken juggling immediate responsibilities, while keeping an eye on longer-term goals.

It is not that passing on wealth is unimportant. Rather, it is one of several priorities that may need to be considered, at the same time.

Encouragingly, many Gen X individuals have already taken some meaningful steps. Just over half (55%) have had conversations with family about their wishes, while 49% have written or updated a will. Even more, 55%, have ensured their pension beneficiary nominations are in place.

These may feel like small actions, but they are important building blocks. They help remove ambiguity and reduce the risk of uncertainty later on.

That said, our research also shows that many people feel their planning is still a work in progress. More than half (52%) say they have made a start but know there are gaps to address. A further 25% admit they know they should act but have not got around to it yet. Only 16% feel confident that their plans are in good shape.

This suggests that while momentum is there, many people would benefit from taking a step back and pulling everything together into a more complete plan.

One of the most interesting insights is how Gen X approaches the idea of passing on wealth. Rather than choosing one clear priority at either end of the spectrum, such as focusing entirely on preserving wealth to pass on or, at the other extreme, spending everything during their lifetime, most people are aiming for balance.

Nearly three quarters (74%) say they want to enjoy their retirement while still leaving something behind. A smaller group, 18%, say their priority is to pass on as much as possible. Only a very small proportion, 3%, say they are focused on spending everything during their lifetime.

This tells us that most people are not thinking in black and white terms. Instead, they want to live well today while also doing the right thing for the future.

Achieving that balance is not always straightforward. It requires a clear understanding of what you will need for your own lifestyle, alongside what you may want to pass on to others.

While life is busy, there is a strong awareness among Gen X of the potential consequences of not planning ahead. Just over half (52%) say they are somewhat worried that not having plans in place could make things harder for their family, while a further 19% say they are very worried.

That means more than seven in ten (71%) feel some level of concern, which underlines how important this issue is.

There are also practical worries to consider. Around 52% are concerned that inheritance tax could reduce what their family receives, while 51% are worried about the possibility of beneficiaries facing both inheritance tax and income tax. These concerns come at a time when the tax landscape is expected to change, with pensions set to be included within estates for inheritance tax purposes from April 2027, potentially increasing the amount of tax some families may need to pay.

Please remember that tax treatment depends on your individual circumstances and may change in the future. 

These are not just abstract issues. Without a clear plan, it may become more difficult to ensure that your wishes are carried out.

For many people, the challenge is not knowing they should act, but knowing how to start. Our research gives a helpful insight into what could make the difference.

For some, it is about simplicity. 42% say a clear, easy-to-follow plan of next steps would motivate them to take action. Others are looking for clarity, with 38% wanting to better understand how much their family might lose to tax. And for 39%, having a conversation with a trusted professional would give them the confidence to move forward.

This highlights something important. Planning does not need to feel overwhelming. Often, it is about breaking things down into manageable steps and having the right guidance along the way.

If you would like to discuss your concerns with a financial adviser, you can book a free, no obligation call with one of our team today. There are no hidden fees or charges, and you’ll only pay if you choose to go ahead with the recommendations in your personalised financial plan.

For Gen X, financial planning is rarely about a single goal. It is about managing competing priorities and making thoughtful decisions that work for both today and tomorrow.

The key is recognising that enjoying life now and planning ahead are not mutually exclusive. With the right structure in place, it is possible to do both. You can continue to enjoy your lifestyle while also putting plans in place that support your future and your family.

Taking the time to review or build your plan now could help to reduce uncertainty and give you the confidence that you are striking the right balance.

Source: Passing on wealth research, Lloyds Wealth, May 2026, based on 1,126 respondents.

This article is for information purposes only. It is not intended as financial advice.

If you need will writing or Power of Attorney services, your adviser can introduce you to specialists in these areas as Lloyds Wealth do not provide these services. If you need estate administration or trust management services, your adviser can refer you to Lloyds Bank or Bank of Scotland. Certain areas of these services (for example will writing and Power of Attorney) are not regulated by the FCA and you should refer to the provider's literature for confirmation.

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