Meet the typical 40-year-old millennial, who has $128,000 in debt, is not nearly as wealthy as their parents were, and is known as 'geriatric'

The oldest millennials turn 40 this year.Gotham/Getty Images

• The oldest millennials turn 40 this year.
• They have less wealth, more debt, and about the same earnings as past generations at their age.
• They straddle the digital worlds of old PCs and today's social media apps.

The oldest millennials enter middle age this year.

The generation turns ages 25 to 40 in 2021, per the Pew Research Center's definition. Like everyone, millennials are aging. But it's a hard concept to grasp when the media narrative has painted millennials as young, frivolous 20-somethings who love selfies and can't afford anything because they spend too much money on avocado toast.

It's an inaccurate picture of the entire generation, which has been shaped by technological advancements and a broken economy. But the typical 40-year-old millennial especially doesn't quite align with this image. Many feel they embody some characteristics of both Gen X and millennials, having experience with both analog and digital worlds.

Millennials are known for battling a series of economic challenges, from student debt to the Great Recession. The typical 40-year-old millennial bore the brunt of the financial crisis, leaving them with less wealth and more debt than past generations at their age. But, compared to their younger generational peers, they have less student debt and are more likely to own homes and have kids - a sign that many have been able to recover from the financial fallout.

Here's what life looks like for the typical 40-year-old millennial.