• Millennials are killing countless industries - but the Fed says it's mostly just because they're poor

    14 days ago - By Business Insider

    Millennial spending habits have wreaked havoc on companies from golf equipment makers to razor manufacturers.
    However, a new paper from the Federal Reserve argues that millennials are similar to earlier generations except for one factor: they have much less money than Gen X and Baby Boomers had when they were young.
    "Millennials are less well off than members of earlier generations when they were young, with lower earnings, fewer assets, and less wealth," the report reads. "Conditional on their age and other factors, millennials do not appear to have preferences for consumption that differ...
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  • Millennials Are Just Like Their Parents-Only Poorer, Fed Says

    Millennials Are Just Like Their Parents-Only Poorer, Fed Says

    14 days ago - By Fortune

    In the court of public opinion, millennials are the most infamous serial killers.
    American cheese. Credit cards. Taxis. The Thanksgiving turkey. Even divorce. This generation's cultural killing spree has left few corners untouched.
    Now there's evidence for an appeal. A new Federal Reserve paper says the app-loving, participation-trophy-receiving cohort, defined as those born between 1981 and 1997, aren't really different from their parents. They're just poorer than previous generations were at this point in their lives, thanks to a large portion of the group coming of age during the...
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