They and all of their friends are on Facebook. They don't think twice about posting a selfie on Instagram. They support marijuana legalization, and they have trust issues.
You probably already recognize some, if not all, of those characteristics as hallmarks of the average millennial — the generation that is now between 18 to 33 years of age.
But how about this: the typical millennial does not have a college degree, and if they do, they also have about $27,000 in student loan debt. They don't think Social Security will be around for them, but they are nevertheless optimistic about their financial future.
One of the most striking findings in the report was the overwhelming optimism of Millennials about their financial prospects.
Even though seven in 10 think people their age face more economic challenges than their parents' generation, 86 percent say they either make enough money for their current needs or think they will in the future.
DYI Comments: As Boomer's enter Elderhood, Generation X'er's enter Midlife, the Millennial's have now all left behind their youth and have entered into Adulthood. This 80 million strong generation is going to be a huge footprint that will be felt for decades to come. Investors and business people who followed the Boomers to their financial delight so it will be with the Millennials. They will be known for pro government and pro labor for the majority of this group. The only thing holding them back in the short term is the student loan debt as this will hamper household formation for a few more years. When Boomers begin leaving the work force in serious numbers a labor shortage will occur. DYI forecasts this to begin in the early 2020's and last for a decade or more ending as the Boomers pass on in numbers.
Until the 2020's arrive low inflation/deflation will continue to reign supreme along with sub par economic growth with low interest rates.
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