This is partly true based on studies in the U.S. -- https://www.pewsocialtrends.org/essay/millennial-life-how-young-adulthood-today-compares-with-prior-generations/ Even though Millenials are better educated than Boomers, Millenial men face higher unemployment. (Millenial women fare better comparatively because fewer female Boomers worked in the past due to gender roles.) Millennials on the whole also have slightly less wealth than Boomers at the same age and are more likely to still be living with their parents. The Boomer generation benefitted from an unprecedented post-war global economic boom led by U.S industry. Millennials, on the other hand, face a more competitive global landscape and the fallout from the Global Financial Crisis. I couldn't find any comparative studies for Singapore, but the same could hold true since Singapore also underwent a post-war economic boom after its independence. In any case, the rules from wealth accumulation remain the same: Spend less, save more, and invest prudently for the long term. Just like how not all Boomers got rich despite the advantages their generation enjoyed, your financial decisions today ultimately decide how much wealth you're able to accumulate in the future.