Checking In on Millennials at Midlife
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Welcome to Morning Consult’s From A to Gen Z newsletter. We put the headlines you’re reading about Gen Alpha, Gen Z and millennials into context with our high-frequency survey data to help you better understand exactly how and why they’re spending their time — and their dollars.
My colleague Lindsey Roeschke recently published a report exploring the evolving preferences, behaviors and expectations of millennials as they enter their 40s in larger numbers — a decade that brings with it everything from the throes of parenthood to peak earning power. Today, we’re taking a deep dive into this data to answer an important question: How are millennials doing at midlife?
💰👍Millennials are gaining financial footing 💰👍
After weathering both the Great Recession and the COVID-19 pandemic as working adults, millennials’ financial picture has gotten much rosier in recent years.
Since the beginning of 2018, the share of millennials whose annual household income is at least $100k has grown 12 percentage points, and the share who have more than $50k in investments is up 16 points. Plus, nearly half of millennials (49%) now say they own homes, compared with 38% in 2018.
However, it seems millennials have learned to be cautiously optimistic; the share of those who say they expect their personal finances to be “better next year” still hasn’t recovered to pre-pandemic numbers, and has actually declined since the beginning of 2025.
▶️ Download the full report here.
➡️🏙️Despite shifting life stages, millennials are still flocking to cities ➡️🏙️
The share of millennials living in urban areas has increased more than 10 percentage points since 2018, while the share living in rural communities has fallen by a roughly equal amount. This shift bucks the trend of older generations, who generally fled city centers once they began having children.
Millennials’ identity as foodies is undoubtedly a driving force behind their desire to remain in urban areas even as they age: notable shares said they go to coffee shops (35%) or dine out at restaurants at least once weekly (37%).
▶️ To learn more about the data that powers this research, reach out to your Morning Consult contact or email [email protected].
🧓👶 The older vs. younger millennial divide 🧓👶
While the oldest millennials can remember a life before the internet, the youngest ones have been largely surrounded by digital technology since birth.
These differing experiences result in different approaches to things like social media. For example, younger millennials are notably more likely to be active on platforms like Snapchat, Instagram and TikTok than their older counterparts.
Both groups also spend time online for different reasons, with older millennials being more likely to use social media to keep up with people they know (like friends and family) and less likely to follow influencers and public figures (like politicians, journalists and athletes) of all stripes.
▶️ To see Morning Consult’s full archive of research on millennials, head here.
What else we’re reading
- Why Early Tech Adopters' Are an Audience All Brands Need to Know (Morning Consult)
- To Gen Z, Everything Is a Recession Indicator (The Wall Street Journal)
- Silicon Valley Used to Idolize Youth. AI Is Changing That. (Business Insider)
- Why Are There So Many ‘Alternative Devices’ All of a Sudden? (The Atlantic)
Upcoming
May 28 — Memo: Who Are America’s Favorite CEOs? This analysis charts the top five most-favored business executives among several key demographics, including Gen Zers and millennials. For even more CEO coverage, download our new report.
June 2 — Memo: Gen Z Can’t Get Enough of Protein. Young people are uniquely fixated on eating a protein-heavy diet, and their reliance on social media for health information is a big reason why. Once live, you can read more about this trend here.
June 3 — Memo: How Brands Should Respond to A Crisis, According to Consumers. A new Morning Consult analysis offers insight into how the general public thinks about, and responds to, brand crises.
Ellyn Briggs is a brands analyst on the Industry Intelligence team, where she conducts research, authors analyst notes and advises brand and marketing leaders on how to apply insights to make better business decisions. Prior to joining Morning Consult, Ellyn worked as a market researcher and brand strategist in both agency and in-house settings. She graduated from American University with a bachelor’s degree in finance. For speaking opportunities and booking requests, please email [email protected].