In an age where “ok boomer” is a rallying cry for young people fed up with older people who don’t understand them, stereotypes abound of millennials spending money poorly.
The big picture: Labor economist Teresa Ghilarducci tells Axios that millennials don't behave differently than prior generations — they're just thrust into different circumstances. They’re less likely to be offered pensions or qualify for employer-sponsored retirement plans, so they start saving later in life and accumulate less compared to their predecessors. Two-thirds of millennials have no retirement savings at all.