Smashing the clichés about millennials

They're not so different after all

A millenial.
(Image credit: Zinkevych/iStock)

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For years, millennials have been caricatured as a generation of "hipster brats" who "fritter away our paychecks on avocado toast" instead of buying cars and houses and becoming economically productive citizens, said Catherine Rampell at The Washington Post. Actually, "they're just broke." A new research paper from the Federal Reserve examines the cohort born between 1981 and 1997 and smashes the millennial clichés. The paper's conclusion: Millennials do have the same economic and consumer aspirations as earlier generations. We simply paid more for our education, have more debt, and entered an economy with fewer employment opportunities and lower pay. "Scarred by the Great Recession," we don't easily make major financial commitments. "Millennials don't spend money all that differently from past generations; they just have less of it," said Jordan Weissmann at Slate. Their actual spending preferences, on cars, food, and housing, for example, are fairly equivalent to those of Generation X and even of baby boomers. Millennials behave differently because they are "less well off than members of earlier generations when they were young, with lower earnings, fewer assets, and less wealth."

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Millennials are "serial scapegoats," said Derek Thompson at The Atlantic. Older generations blame them for "killing grocery stores" by eating out too much, and killing the auto industry by not driving cars. Guess what? Everybody eats out more — especially those over 65 — and replaces their cars less often. Older generations might be angry because millennials have noticeably different politics. "Young people are not only to the left of the country, but also to the left of previous generations of young people." You don't need to look very far to guess at some reasons for their cynical view of capitalism. They grew up thinking the economy offered them a fair deal: Go to college, and "everything will work out." Then their elders reneged on it. If millennials seem angry, it's not because they've "rejected the American dream," but because the economy has "not only blocked their path to attaining it, but punished them for trying to.”