I agree with this for my parents too. In the bigger picture, everyone, regardless of generation, living in the abundance of the 50’s-90’s without much regard for future implications is a big contributor to the geopolitical/financial/environmental circumstances that exist now.
I am talking macro trends - individual paths vary a lot, as people note.
My kid will be fine, and I am not so worried about him. Financially he will be stable. But his generation as a whole, not so much. My brothers are better off than our parents, but I’m not (not complaining, it is a function of life choices and some luck). Kiddo will be better off than me financially, but the world he lives in is a lot less stable. The things beyond his control are what worries me.