The pattern is similar for those young adults who never attended college.
Millennials in 2018 had a median income of roughly $71,400, similar to that of Gen X young adults ($70,700) in 2001.
In general, they’re better educated – a factor tied to employment and financial well-being – but there is a sharp divide between the economic fortunes of those who have a college education and those who don’t.
Millennials have brought more racial and ethnic diversity to American society.
Among Millennials, around four-in-ten (39%) of those ages 25 to 37 have a bachelor’s degree or higher, compared with just 15% of the Silent Generation, roughly a quarter of Baby Boomers and about three-in-ten Gen Xers (29%) when they were the same age.
Gains in educational attainment have been especially steep for young women.Those are some of the broad strokes that have emerged from Pew Research Center’s work on Millennials over the past few years.Now that the youngest Millennials are in their 20s, we have done a comprehensive update of our prior demographic work on generations. Today’s young adults are much better educated than their grandparents, as the share of young adults with a bachelor’s degree or higher has steadily climbed since 1968.The financial well-being of Millennials is complicated.The individual earnings for young workers have remained mostly flat over the past 50 years.Over the past 50 years – from the Silent Generation’s young adulthood to that of Millennials today – the United States has undergone large cultural and societal shifts.Now that the youngest Millennials are adults, how do they compare with those who were their age in the generations that came before them?For households headed by Millennials ages 25 to 37 in 2018, the median adjusted household income was about 5,300 for those with a bachelor’s degree or higher, roughly ,000 greater than that of households headed by high school graduates.The median household income difference by education for prior generations ranged from ,200 for late Boomers to ,700 for the Silent Generation when they were young.And Millennial women, like Generation X women, are more likely to participate in the nation’s workforce than prior generations.Compared with previous generations, Millennials – those ages 22 to 37 in 2018 – are delaying or foregoing marriage and have been somewhat slower in forming their own households.