Millennials aren't spending because they're broke, reports the Fed

People carrying shopping bags.
(Image credit: Jeff J Mitchell/Getty Images)

Millennials have been accused of ruining a lot of things: Sitcoms, cruises, department stores, cars, and more. While some of the blame may be warranted, a new study from the Federal Reserve suggests it's not totally their fault.

The study, titled "Are Millennials Different?," explores the economic wellbeing of the generation. It found that millennials' spending habits aren't necessarily the issue, but the fact that they have no money to spend, reports NPR. Aside from the common refrain that millennials merely prefer to spend money on "experiences, not things," the demographic simply can't afford the conspicuous consumption of generations past.

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE
https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up
Explore More
Amari Pollard

Amari Pollard is the social media editor at The Week and has written for Reader's Digest, Parents, and Inside Lacrosse. She studied journalism at Le Moyne College and can usually be found exploring Brooklyn, thrift shopping, or spending way too much money on brunch.