Millennials are the largest adult generation in the United States, but they are starting to share the spotlight with Generation Z

This year, Millennials, those ages 23 to 38, will outnumber Baby Boomers (ages 55 to 73), according to Census Bureau projections. Now in their young adulthood, Millennials are more educated, more racially and ethnically diverse and slower to marry than previous generations were at the same age. But after growing up in the Great Recession, their economic picture is mixed: Young adult households are earning more than most older Americans did at the same age, but have less wealth than Boomers did at the same age, partly because they are more likely to have higher amounts of student loan debt.

Although the nation’s 73 million Millennials are the largest living adult generation, the next one – Generation Z – is entering adulthood. Also known as the post-Millennials, Gen Zers (those ages 7 to 22 this year) are on track to be the best educated and most diverse generation yet. Nearly half of Gen Zers (48%) are racial or ethnic minorities. according to Pew.