For many, the word “millennials” has become synonymous with “kids these days,” but the reality is that millennials as a generation have already aged out of the bracket of young adults and recent graduates. In fact, the majority of Generation Y is now in their mid- to late-20s, with the oldest millennials already 32 years old — married with kids and homes and retirement funds, albeit all to a lesser degree than previous generations.   

In an effort to refine our perceptions about Gen Y, their contributions to the labor market, and their current generational demographics, two new reports offer some eye-opening insights about the largest cohort of Americans since the baby boomers, reinforcing earlier findings from Bentley University’s PreparedU research study.

CNBC recently featured a story on Gen Y, “Millennials aren’t slackers . . . really,” showing that “millennials are much more than the sum of their stereotypes,” based on data from Fidelity’s first-ever Millennial Money Study. Some surprising discrepancies between the reputation of Gen Y and their reality were evident: 80 percent of millennials surveyed do not live at home with mom and dad, and pay all of their own expenses. More than half also said they are already saving for retirement. That includes a significant number who could be called “super savers.” They think that “money means security,” have an average salary of $64,000, and average savings of $37,000. For more than half of the respondents, accumulating savings is their top financial goal.

The White House also recently released an infographic and full report featuring “15 Economic Facts About Millennials” from the President’s Council of Economic Advisers, which “takes an early look at this generation’s adult lives so far . . . a generation that is marked by transformations at nearly every important milestone. . . . However, in many cases, millennials are simply following the patterns of change that began generations ago.”

Some of the true obstacles to success facing millennials, which are irrelevant to the stereotypes and apply to other generations as well, are also addressed in the White House CEA report. These include: “Making student loan payments more affordable; promoting digital literacy and innovation; pushing for equal pay and paycheck fairness; supporting investments and policies that create better-paying jobs; connecting more Americans to job training and skills programs that prepare them for in-demand jobs; supporting access to credit for those who want to buy a home; and increasing access to affordable health care.

April Lane is a freelance writer.