Reports have indicated that millennials are at risk of becoming a lost generation for wealth accumulation due to underemployment, higher living costs and student loans, is it true?

If I said "yes", how does that affect you?

If I said to your face you will fail your exam this year, do you think you will fail it?

Underemployment happens, yes it might happen to you if you got an MBA, but still end up washing dishes... But is it because you didn't try, or you didn't try HARD ENOUGH?

Higher living costs... Just like the stock market indices, prices just tend to go up in general, coz people also need to make incremental profits and inflation. It's the price of progress... Be glad for inflation... Unless you want to go experience deflation n stagflation yourself. Don't think the lost decade was a good time for the Japanese.

Student loans in the US are bad but don't think it's that bad here in Singapore. Their interest rates can go up to xx.xx% (think I have seen higher than credit card interest rates). Almost everyone will have some debt in their life... You should learn to deal with debt, how to calculate your interest costs and the best way to pay the loan down.

Problems don't go away if you talk about it and do nothing... They go away after you start taking steps to tackle them.

This is partly true based on studies in the U.S. -- https://www.pewsocialtrends.org/essay/millennia...

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.