Overall, Catherine New, senior editor at Earnest, thinks that a good chunk of male and female millennials earn more than their parents because of where they live. "There is the question of greater geographic mobility, which is related to following higher paying jobs," she tells CNBC Make It.
"Earnest's 2015 study shows that nearly 60 percent of recent graduates who went top schools and live in Silicon Valley, went to school in a different metro region before moving west. In other words," she explains, "graduates these days are much more likely to move for a new job and it's lifestyle changes like this that can impact earnings."
Young men and women overall are also better with money than older people. A national survey tracked how 1,000 Americans aged 21 to 75 manage their wealth. It found millennials are better than older generations at financial planning, financial awareness and having confidence in being able to reach financial goals.
Another survey found that, if millennials keep pace with their responsible financial habits, some could even retire $1 million richer than Baby Boomers and those in Generation X.
"Even as the millennial narrative says this generation is being overly spendy on things like avocado toast," the survey says, "it turns out people ages 22 to 37 are actually doing much better than the average American at managing their money on a daily basis."
So young and women alike seem to be trending in the right direction. Looking to push further ahead? Here are some common money mistakes to avoid, and here are some tips to get even better with your money.
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Don't miss: Younger people are actually better with money than Boomers and Generation X