Next up, the millennial generation. It is now the largest generation in America. That's according to the U.S. Census.Millennials are usually defined as people born between 1981 and 1997. They've just surpassed the baby boomer generation. That's name for folks born during the baby boom after World War II, between 1946 and 1964.There are just under 75 million baby boomers, but partly because some of them are passing away, and partly because many of the immigrants to the U.S. are from the millennial generation, the sheer number of millennials now exceeds that of boomers and it's probably not going to slow down.Millennial numbers aren't expected to peak until the year 2036, when they exceed 80 million people.So, how many are there now and what could this mean for the U.S. economically speaking?
CHRISTINE ROMANS, CNN CHIEF BUSINESS CORRESPONDENT: Seventy-five-point-four million, millennials achieved a milestone. There are 75.4 million Americans age 18 to 34 years old in the U.S. Pew Research finds millennials have now overtaken baby boomers as the largest living population.Baby boomers, that cohort that defined our relationship with money today, how we earn it, and how we spend it, how we make it and how we borrow it.
Now, those boomers are retiring. They're spending less. They're dipping into retirement. And millennials pick up the mantle.But the picture is mixed at best. Bankrate finds the best cities for millennials to launch their career, big cities like New York, L.A., San Francisco, Washington, D.C., and San Jose. Those are also the places eating up their incomes.
In New York City, millennials today take home 20 percent less than generation X and they've got lots more debt. It's a generation that's earning less than their parents, putting off marriage, putting off buying a home. Those are defining economic drivers of generations before them.So, will the selfie generation redefine our relationship with money for the next 50 years?