DataSnapshot: Another chance

Maybe millennials aren't as bad as their everyone-gets-a-trophy image makes them out to be.

As a group, millennials are better savers, have less credit card debt and their buying power is reaching unprecedented levels, according to a new report from fitsmallbusiness.com. The New York City-based small business consulting and research website analyzed data from the Pew Research Center, the Federal Reserve, Fannie Mae and Oracle, among several other sources, for its report entitled Five Ways Millennials are Saving the National Economy.

Millennials, as they grow in the workforce, are projected to reach nearly $3.4 trillion in total income by next year. That's more than baby boomers and close to the income power of Generation X, the report shows. Six out of 10 millennials, the report adds, prefer to pay in cash rather than credit. Also, the generation is on pace to out-do boomers and Generation X in retirement savings.