In recent years, the millennial generation (those born roughly between 1980 and 2000) has gained significant attention in transport research. Initial research characterized this generation as multimodal, urban and tech-savvy; they have at times been painted as our great hope for a sustainable transport future. Yet more recently a parallel narrative has emerged. According to this view, millennials are simply reacting to difficult economic circumstances that have restricted their ability to pay for a car. This paper explores the evidence for these two conflicting narratives of the millennial generation and possible reasons why the two narratives have come about. It discusses the implications of the two millennial narratives on both social and technological equity and sets out initial thoughts on how these issues may be addressed in future research and policy.