Why Aren’t Millennials Spending? They’re Poorer Than Previous Generations, Fed Says
“Since millennials first started entering the workforce, their spending habits have been blamed for killing off industries ranging from casual restaurant dining to starter houses. However, a new study by the Federal Reserve suggests it might be less about how they are spending their money and more about not having any to spend. A study published this month by Christopher Kurz, Geng Li, and Daniel J. Vine found millennials are less well off financially than members of earlier generations when they were the same ages, with ‘lower earnings, fewer assets and less wealth.’”