Society finds millennials to be pretty reckless with their money compared to previous generations: They take on more debt, have a “treat themselves” mentality, and are killing industries left and right because of their lack of financial stability.

But are these financial habits the result of economic circumstances handed to them or financial irresponsibility? It’s hard to say when millennials have been labeled both “the brokest generation” and “the richest generation” by media outlets like Slate, Yahoo, and the BBC.

A report by the Fed published in November found that millennials’ spending habits are similar to earlier generations — except they have much less money than Gen Xers and baby boomers had at their age.