Here's my view, having just turned 25.
It's easy to think on paper financially times are more difficult for us newer generation now than 20 years ago, but don't we also have more opportunities now? A University Degree is virtually plausible for every kid. There are other programs available for those who want trade schools instead. Sure, be smart about it. Don't go study 3 years of Art at Uni and expect a job after it. Having seen many of my friends graduate with Business, engineering, health care degrees, they're all doing mostly well. Sure, you're not going to be able to buy a house in London, but there are other surrounding areas. It is HARDER when you compare wages back then to now, vs house prices. But it's not impossible.
The difference I see among my peers are financial habits, and this is generic so I don't mean to offend anyone's kid. But they want the latest iphone, latest watches, New Cars and the latest clothes. They go out, splurge on restaurants, live week by week by what they get. I could go on, but I hope you see my point.
A little on me - I've had the same Iphone 4 for 8 years now. I pretty much took over the cruiser from my dad as my first car. As a kid, I saved every penny. Once at age, all my money went into a ISA. I used to buy a ton of parts/wheels off Ebay and re-sell for in excess of 100% return. I learnt many trades from my father, youtube and books and did side jobs making cash whenever I could. I believe anyone has it in them to get themselves out of poverty.