Millennials have been blamed for killing plenty of industries. But according to a Federal Reserve study, it's not their fault."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," Bloomberg's Luke Kawa and Jeremy Herron reported on Thursday.They added: "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."Differences in spending between millennials and past generations, the Fed study says, are not primarily due to "unique tastes and preferences." Instead, its authors, Christopher Kurz, Geng Li, and Daniel J. Vine, point to general technological changes, ongoing demographic evolution, and economic cycles.Most significantly, most millennials came of age during the Great Recession, kneecapping their financial well-being in their early years of adulthood.Read more: 'Psychologically scarred' millennials are killing dozens of industries — and it's their parents' fault"Millennials are less well off than members of earlier generations when they were young, with lower earnings, fewer assets, and less wealth," the study said, adding, "Conditional on their age and other factors, millennials do not appear to have preferences for consumption that differ significantly from those of earlier generations."Average real labor earnings for male household heads working full time were 18% and 27% higher for Gen Xers and baby boomers when they were young compared with millennials, the study found. For young women, the difference was smaller — 12% for Gen Xers and 24% for boomers — but earlier generations were still making more money when they were younger among similar demographics.