CAN kids in the next generation succeed, through hard work and intelligent money management? Sure!
But the opportunites will be far lower. They will be the first generation to not do better economically than their parents. There are too many headwinds. The good news, they seem to be OK with not having so much stuff, reprioritizing.
So, in cases like my kids - all bought houses in cities in their late 20's. They all have retirement accounts started, as well as investment and savings. And still take nice trips, have nice things But (time to brag a little), they are all quite intelligent, have well paying professional jobs, stable home environments. We taught them to be frugal, to plan ahead, research decisions thoroughly, prioritize well. They are already doing better than their parents.
Now let's look at the more common situation. Graduate from college with $!00K in debt, get an average job that covers expenses, pays off a little of the college debt. But since housing is so scarce and expensive, if they can buy, they can't save for the future. Or, kids that couldn't do college, end up with a low income job. Health care costs are crushing. They barely get by.`
There ARE changes finally starting to address some of this. But the momentum is so strong in favor of the very wealthy it's going to take more than 1 generation to change that wealth distribution to a more equitable - and historically normal - level.
More of the things we do backwards: Home ownership is by far the defining factor in financial security. But the only people who can take advantage of that are those who are already financially secure.