Despite millennials' much maligned, unofficial hipster status, the Fed's study indicates they're pretty mainstream and quite poor!
The study also noted newer financial obstacles for millennials. Broad economic trends depict a rise in health care expenditures, as well as a rise in college tuition that has outpaced general inflation that previous generations avoided in their young adulthood. And the generation's higher rates of racial diversity, higher educational attainment and lower rates of marriage? Those are all consistent "with secular trends in the population and are therefore not the aberrations of a single generation," the study said.