Millennials are faring differently compared to previous generations when it comes to finances. This decline has occurred even though younger Americans are increasingly college-educated. But the median college-educated millennial with student debt is only earning slightly more than a baby boomer without a degree did in For many people, mobility does consist of doing better than your parents did, in absolute terms. A report by the Fed published in November found that millennials’ spending habits are similar to earlier generations — except they have much less money than Gen Xers and baby boomers had at their age. But while the Fed found that individual incomes were falling for millennials, it did find that family incomes for married couples household incomes grew, similar to Pew’s analysis.