May 8 (Bloomberg) -- In spite of -- or thanks to -- the worstrecession in the post-World War II era, the kids are alright,conclude economists at the Federal Reserve.

Compared with young adults from the generation prior, so- calledMillennials in 2010 were more likely to own homes and retirementaccounts and have bank deposits, according to research publishedthis month by Lisa Dettling and Joanna Hsu, economists at the Fedin Washington. With the exception of student debt, liabilities aredown for today’s young adults.

While Fed Chair Janet Yellen has pointed out that young adultsare ‘‘shacking up with their families and probably would like to begoing out and acquiring places of their own,” Millennials are doingbetter on many measures than either older Americans or theircounterparts a generation earlier. At the same time, they may alsobe better equipped to deal with economic swings than previousgenerations, the Fed paper found.

Millennials, the name given to those born between 1979 and 1995,are less likely to be credit constrained than Generation X, whichincludes those born between 1965 and 1978. They’re also less likelyto be late on payments or have high payment-to- income ratios, theresearch showed.

Still, young adults haven’t escaped unscathed from therecession. They’re less willing than their older counterparts tobear risk in financial investments since 2001, the paper found.

There’s also a greater chance they carry student loan andhousing debt, a sign that such borrowing may be substitutes for thecredit card and auto debt that young adults from the generationprior were more likely to have, according to the paper.

--With assistance from Jeanna Smialek in Washington.

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