Since the time when millennials first started to enter in the workforce and their spending habits have been blamed that they had killed the off industries which ranged from the casual restaurant dining to the starter houses.
However there’s also a new study done by the federal reserve which suggested that it might be less to know how they’d be spending their money and it could even be more about not to have any time to spend more.
The study was actually published this month by Daniel J. Vine, Geng Li and Christopher Kurz who found that millennials were those who had been known to be less financially well off than the members who were a part of the earlier generations and this happened when they were at their same ages with less wealth, fewer assets and along with less earnings.
All those finances were compared with baby boomers, generation X, the greatest generation and the silent generation. There was an examination made by the researchers with income, debt, spending, demographic factors and net worth among a lot of generations which is to determine it to be the primary difference that is supposed to be in the average age and then there’re differences in the average income of those which explained a large and the important portion for the consumption that happened to be a wedge between those cohorts and the other millennials.
According to the study that has just been done, Millennials are those who had been born between the era of year 1981 and 1997 and their ages would be now about 21 to 37 and they had paid a price to get born into the era of great recession.