We are still bearing the consequences of the big bail out, forcefully paid by most of us instead of allowing some events to follow their natural path and the chance that things eventually balanced out. The artificiality of that solution has created abnormal behaviors and conditions such as the access to cheap money and a double standard for financial instruments, like personal vs institutional debt. Those situations effectively devalue money and allow arrangements that are very paradoxical from an economic standpoint as you pointed out.
As it has been mentioned in other comments here, I don't think this is limited to Millennials. Just by looking at the diversity of the economic statistics per state in the US you can see it is a more generalized problem. I would not consider that a complete "economy" has recovered from a recession when the numbers tell us we have just delayed aftermaths and major factions of it are still underwater with very bad prognosis.