Millennials are less well off than members of earlier generations when they were young. They have lower earnings, fewer assets, and less wealth, a new Federal Reserve study says.

Spending habits of millennials, who are about 21 to 37, are often blamed for killing industries.

But a new study by the Fed backs up the idea that it’s less about how they’re spending — and more about them not having money to spend.

Source: Why Aren’t Millennials Spending? They’re Poorer Than Previous Generations, Fed Says : NPR