I don’t think this astounding level of incompetence is limited to the much maligned Millennial generation.
I know plenty of folks from the Boomer/Gen X who if they had attempted to plan something similar at that age or even now would have ended up with the same result.
After all, I doubt the folks running Enron/Arthur Anderson into the ground were Millenials…or even Gen Xers.
Same with Barings Bank before they ended up being bankrupted to the tune of $1.6 billion in 1995 because a group of Oxbridge/elite U graduate executives much more likely to be part of the boomer/older generations ended up being completely hoodwinked by a junior trader who never attended university because they never thought to institute basic security checks/balances commonly instituted in every other financial securities firms.