NPR - 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."
Their finances were compared to Generation X, baby boomers, the silent generation and the greatest generation.
The researchers examined spending, income, debt, net worth and demographic factors among the generations to determine "it primarily is the differences in average age and then differences in average income that explain a large and important portion of the consumption wedge between millennials and other cohorts."
1 comment:
When 90% of the income growth goes to 5% of the people, most of us are poorer. And when the government gives tax breaks to the rich, it only gets worse. Millenials have never known a time when the dominat theme of the rich was not cut my taxes and boost inequality.
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