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Fed Says Millennials Are Just Like Their Parents. Only Poorer (bloomberg.com)
Millennials, long presumed to have less interest in the nonstop consumption of goods that underpins the American economy, might not be that different after all, a new study from the Federal Reserve says. From a report: Their spending habits are a lot like the generations that came before them, they just have less money at this point in their lives, the Fed study found. The group born between 1981 and 1997 has fallen behind because many of them came of age during the financial crisis. "We find little evidence that millennial households have tastes and preference for consumption that are lower than those of earlier generations, once the effects of age, income, and a wide range of demographic characteristics are taken into account," wrote authors Christopher Kurz, Geng Li and Daniel J. Vine.
Their findings [PDF] are grounded in an analysis of spending, income, debt, net worth, and demographic factors among different generations. The conclusion that millennials aren't all that different also holds for the researchers' more granular examination of expenditures on cars, food, and housing. "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," they conclude. So much for the young folks favoring "experiences" over tangible goods.
Their findings [PDF] are grounded in an analysis of spending, income, debt, net worth, and demographic factors among different generations. The conclusion that millennials aren't all that different also holds for the researchers' more granular examination of expenditures on cars, food, and housing. "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," they conclude. So much for the young folks favoring "experiences" over tangible goods.
From what I have witnessed, having been "in business" since 1981, is a LOT of the millennials, have NO work ethic. No just me, but I have talked to many people who have hired someone, that failed to show up on their start date, then when WE finally get in contact with them after they accepted a job, they say "oh, I changed my mind, or oh, I got a different job". Didn't even have the COURTESY of calling back. And, they want with NO EXPERIENCE, paid time off, sick days bla bla bla. Plus, you have to watch them or they will just sit around and do nothing. Add to that, with NO experience, they want a high salary because they have "massive debt" they are trying to pay off. NOT everyone needs to go to an expensive 4 year university. Trade schools offer a good way to make a living and are IN DEMAND, but a lot of the millennials don't want to work hard, just sit on their butts and play video games. Now, GET OFF MY LAWN!