Millennials are the pillar of economic growth: Here's why

The future of the economy is in the hands of the world’s leading demographic — millennials. The onus is on them to boost the markets, according to one expert.

“Demographics, which is talking about generations, drive markets way more than we realize,” said Fundstrat Global Managing Partner Thomas Lee to FOX Business’ Stuart Varney on Friday. “The millennials today are the largest single population as people born between 1981 and 2000, but they are 40 percent bigger than their parents.” In other words, they had a lot of kids.

Since they are starting to earn money, in Lee’s opinion, they are the basis for economic growth.

“The millennials are now starting to become net-income producers -- there’s more millennials working now than teenagers,” he said. “And over the next 10 years, for instance, millennials will account for 90 percent of all the increased spending on financial products. They are pretty much the only source of growth for this economy.”

Lee added that an increased need to borrow money will spark a “big banking and consumer boom cycle.”

Until recently baby boomers were the largest living adult generation, according to the U.S. Census Bureau.