According to a recent report by Time Money, "boomers may have spurred the mutual fund industry, but millennials are embracing it at a far younger age -- plunking down their first dollars a decade earlier in life, new research shows. The average age that millennial households started investing in funds is 23." Previous generations rank as follows: Older Boomers at 37, Younger Boomers at 32 and Gen Xers at 26.

Despite their early investments, they still only make up 16% of all mutual fund owning households, but these early financial choices will give "them a huge advantage over boomers: an additional decade of growth that has the potential to double their nest eggs so that they'll never miss the pension they never had."