As of 2026, people between the ages of 30 and 45 are considered millennials. What Is The Millennial Age Range
People have a lot of different ideas about millennials and how they are either helping or hurting our economy.
Recent news stories say that millennials are being too frugal, which is killing consumerism. Some people say that millennials are ruining their chances of buying a house and getting into more debt by spending too much on lattes, avocado toast, and other luxuries.
It is not always correct to make broad statements about a certain group, but to understand how and why millennials spend their money, we need to look at the actual age range and economic situation of the people who are called “millennials.” What Is The Millennial Age Range
The millennial age range is about 30 to 45 years old right now. Yes, these people are adults, not kids. The oldest ones are 45 years old. People who are now in their 20s and 30s were born between 1981 and 1996.
People are now calling the next generation Gen Z, which includes people born between 1997 and 2012 (see our full article on Gen Z Age Range). What Is The Millennial Age Range
Let’s talk a little more about the age range of millennials.
Who Qualifies As a Millennial, and What Is The Millennial Age Range?
For years, there were conflicting opinions about the actual age range of millennials. Some said that people born between the early 1980s – early 2000s are categorised as millennials, while the majority agrees that those born between the 1980s and mid-1990s are millennials. What Is The Millennial Age Range
In the last few years, most organizations have specified that millennials are the generation born between 1981 and 1996. This is what sources like the Census Bureau, Pew Research, and more use. Other sources may skew slightly differently.
However, as the Census Bureau and major organizations have picked up a specific convention, we put the exact date range of millennials as those who are 30 to 45 today – basically today’s workforce. That’s a big, big range. What Is The Millennial Age Range
Millennial Years Of Birth: Between 1981 and 1996
Millennials are typically defined as being born before computers and cell phones became widespread. But it’s important to note that there are really three groups of millennials: those that graduated before the Great Recession, those that graduated during the Great Recession, and post-recession graduates. This has directly impacted the average millennial net worth.
Aside from technology and the recession of 2008, the events of September 11, 2001, also known as “9/11” was the most generation defining moment for millennials in the United States. T What Is The Millennial Age Range
Millennials have a tendency to spend money on experiences rather than material possessions. These “experience” centered spending habits have allowed for the creation and growth of businesses such as Airbnb, which are centered around avoiding high hotel costs.
Also, millennials are willing to forego some of the basic luxuries in order to stretch their dollar for spending on experiences by using ride share services such as Uber. Aside from ensuring safety while enjoying the nightlife, rideshare services help reduce transportation costs while being mindful of decreasing the carbon footprint. What Is The Millennial Age Range
Millennials are also big side hustlers. They embrace the work-from-wherever, whenever mentality and are great at using the online economy to their benefit.
Common Stereotypes About Millennial Financial Habits
There are numerous conflicting stereotypes surrounding the financial habits of millennials, as the issue continues to be a hot topic:
- Millennials are big spenders. Historically, the “younger” generation has always been perceived as frivolous and excessive spenders. This is not the first time that the older generation points the finger at the younger generation. Some experts suggest that high spending and debt combined is causing millennials to move in with their parents. What Is The Millennial Age Range
- Millennials don’t save enough. Millennials are actually good savers, saving over 5% of their salary for various reasons such as emergencies, big purchases, as well as retirement. The recession is probably a major motivating factor in saving for the future. Recent studies from Transamerica Center show that 75% of millennials save for retirement. What Is The Millennial Age Range
- Millennials don’t spend enough. Many retailers complain that millennials are responsible for the decline of the retail industry and closure of department stores. The majority of millennials came of age during the great recession of 2008 and as a result, frugal habits have ingrained in their psyche out of fear and unrest faced during this financial crisis.
- Millennials are drowning in debt. Americans owe more than $1.8 trillion in student loans and the majority of that debt belongs to millennials, according to a survey of 1,000 Millennials by ORC International. While millennials may be saving their money, the majority of their income is spent on repaying debt, resulting in depleted savings and lower disposable income. What Is The Millennial Age Range
- Millennials are financially unable to purchase a home. While millennials are saving their money for retirement and their first home, debt makes it difficult for them to buy it right away. Aside from that, many millennials are waiting to buy their first home until they are financially stable, even before they get married. While the rise of debt is one factor in the delay to buy property, many millennials have a desire to discover one’s true selves and search for identity and meaning before settling down. What Is The Millennial Age Range
What’s interesting to see is that over the last few years we’ve seen Millennial Net Worth skyrocket.
Millennials and Student Loan Debt
This relates directly to whether most millennials go to college, and more importantly, whether or not they complete their college education.
The risk for accumulating debt at an alarming rate is especially high for those who do not complete college because traditional jobs in the higher pay range generally require some college education. At the same time, many millennials regret their pursuit of a college education. What Is The Millennial Age Range
While some studies suggest that most millennials have a good handle on student loan debt, the majority of millennials have some of the highest rates of student loan debt Is The Millennial Age Range
Check out our study on the average student loan debt by graduating class.
When it comes to money, millennials do have some of the highest student loan debt rates of any generation in history. The average millennial has over $30,000 in student loans. Millennial student loan debt affects all of us because it has a direct impact on our economy. What Is The Millennial Age Range
Ultimately, these students in debt will see slower growth in their savings, causing further delays in starting a business, starting a family, or buying a home. Also, because the majority of these loans are federal loans, they will add to the overall national debt.
Some millennials have resorted to desperate measures, accepting jobs with low pay in hopes of student loan forgiveness, including seeking employment at Red Lobster in mistaken hopes of eliminating student debt. There are a wide variety of volunteer programmes that offer student loan debt reduction, such as AmeriCorps, the Peace Corps, and career-specific loan forgiveness programmes. If you are serious about resolving your student loans and have aspirations for a public service career, then training for public service loan forgivenesssset to helping you get and maintain eligibility while you take control of your debt. What Is The Millennial Age Range
Final Word
Whether you believe millennials are financially responsible or not, the economic climate has created fertile ground for increasing amounts of debt of all types, including student loan debt. While coming of age during a recession undoubtedly affects your spending habits, we have seen enough evidence on both sides to suggest that millennials are financially responsible and yet still encumbered by significant debt. What Is The Millennial Age Range