In my experience parents and their children are operating in two completely different economies.
To be blunt in case I risk being overly oblique: 1/3 of the female students at my university did sex work to pay the rent. That's in a place where they worked hard to get into an elite university and didn't have to pay extraordinary tuition fees.
Further down the socioeconomic ladder it gets worse. Merely surviving without debt is a success story for a millennial.
I have to say: almost everything on this subject I read from the media is a fiction. I'm not saying the stats are made up, but the overwhelming impression you get from the box on the wall is powerfully wrong.