(Bloomberg) –Millennials' spending habits have been driving business leaders crazy — but not because the youngest generation in the workforce is irresponsible with their cash.

On the contrary, millennials are turning out to be the most frugal demographic since the so-called Greatest Generation that came of age during the depression.

That's largely because of the huge student-debt cloud that hangs over them, said Neely Tamminga, CEO of consumer-advisory firm Distill.

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