photo credit: IMG_4685 via photopin (license)
Source: Flickr(license)

Bank of America published a comprehensive report on millennials, their habits, and their outlook. The guide was meant to be a thematic investing guide, but it detailed some revealing generation gaps between millennials and generations that came before it. The 75 million millennials (also referred to as “Generation Y” in the report) are set to overtake Baby Boomers this year as the largest demographic in the United States. They are set to become the #1 workforce demographic, as well as the largest consumer spending demographic in the coming years.

 


1. Millennials will soon be the largest generation

Millennials born between 1982 and 1997 are about to take over as the largest generation in the world

Source: UN
Source: UN

 


2. Millennials will have the biggest financial muscles

Millennials are set to overtake Boomers as the largest income earners by 2015, and overtake Gen X by 2020. Screen Shot 2015-05-23 at 1.41.35 PM

 


3. “Millennial” as a term is becoming popular

The term “millennial” is catching on Google Search as the generation becomes more affluent.

Source: Google, BofA Merrill Lynch Research
Source: Google, BofA Merrill Lynch Research

 


4. Millennials are projected to be the largest generational demographic for the foreseeable future

While Boomers and Gen X-ers decline, millennials are just growing up.

Source: Pew Research, U.S. Census Bureau population projections
Source: Pew Research, U.S. Census Bureau population projections

 


5. Millennials are the raceless generation.

Millennials around the world are very open about interracial dating

Source: JWT
Source: JWT

 


6. Millennials are staying single longer than any other generation

Source: Pew Research
Source: Pew Research


7. Millennials are generally more tolerant of non-traditional societal roles.

Screen_Shot_2015-05-23_at_1_52_54_PM
Source: Pew Research

 


8. Millennials still prioritize family values.

Despite appearing to lead non-traditional lifestyles, millennials have not abandoned traditional family values. Being a good parent and having a successful marriage are on the top of their priorities.

Source: Pew Research
Source: Pew Research

 


9. The 7 types of millennial stereotypes:

The Boomerang Baby, The Perpetual Intern, The Grad Student, The Idealist, The Young Householder, The High-Tech Multitasker, and the The Startup Kid.

Source: mint
Source: mint

 


10. Millennials value success and status…

Source: Barkley
Source: Barkley

 


11. … but that comes at a price. Millennials are the most stressed-out generation

Source: APA
Source: APA

 


12. Millennials are more accepting of same-sex marriage than any other generation:

Source: Pew Research
Source: Pew Research

 


13. As a whole, millennials are extremely liberal.

But it’s not clear yet if the trend will hold as they grow older.

Source: Pew Research 2014
Source: Pew Research 2014

 


14. Millennials love marijuana.

77% of millennial Democrats and 63% of millennial Republicans think marijuana should be legalized.

Source: Pew Research
Source: Pew Research

 


15. More than 80% of millennials are confident of their financial future

They either feel they earn enough now, or are confident that they will earn enough in the future.

Source: Pew Research
Source: Pew Research

 


16. Tech companies top the millennial list of ideal employers.

“Millennials’ career aspirations are unsurprisingly driven towards tech, more specifically Silicon Valley. Nearly 1/5 said their ideal employer was Google and ~1/10 said Apple, with Facebook coming in third place.”

Source: Brookings Institute, Universum
Source: Brookings Institute, Universum

 


17. Millennials have more Facebook friends

“Millennials have 250 median number of Facebook friends compared to just 98 in
younger Baby Boomers. Millennials also use social media to broadcast their personal lives, letting their friends know what they are up to. This stems partly from the “YOLO” (you only live once) mindset that has been inculcated in Generation Y.”

Source: Pew Research 2014

You can read the comprehensive 241 page report from Bank of America.