There's a growing group of millennials ages 18 to 34 who identify as nonreligious. As of last year, more than a third of mellennials were considered to be religious "nones" - the unaffiliated, agnostic or atheist population. In 2007, a quarter of millennials said they lived outside of a particular faith, according to a 2014 Pew Research Center study.

In the United States, the religiously unaffiliated make up the second-largest group after Christians. 72% of the religiously unaffiliated are younger than 50. Some worry that this trend will mean millennials and their children won't have the same values or beliefs in right and wrong as previous generations.

Among Christians, Catholics have the lowest retention rate of any denomination. White mainline Protestants are the next most likely to abandon their faith. College graduates are also more likely to drop their religion than those without degrees, according to the institute.