In this concluding part of the paper, we continue an empirical analysis based on dividing the generation of millennials into two age cohorts. Special attention is drawn to a group of millennials designated as “3S” (“smartphones”, “social media”, “decline of the economy”). This younger generation began entering the period of adulthood since the year 2008, which has been marked by a continuous economic recession and broad dissemination of the technologies and digital consumer services. Data were collected from the annual Russian Longitudinal Monitoring Survey (RLMS–HSE) in 1994–2018. The results obtained show a divide in the millennial generation measured by a multiplicity of social indicators along with the preservation of many inter-generational differences. In the second part of the paper, we show that the younger generation of “3S” millennials demonstrates a decline in alcohol consumption and smoking, while being more involved in sports. “3S” millennials watch TV less frequently and are more engaged in reading and cultural activities. They reveal lower religious affiliations and are more optimistic in regards to their material status and life prospects. Many intra- and intergenerational differences are significant and robust over the time of observation when controlling for age and other standard variables. In conclusion, four types of inter-relations between intra- and intergenerational differences are delineated.
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