Many. For one, it seems to me, the younger generation is prone to live beyond their means. That's probably one of the biggest reasons why many young nowadays can't progress economically. Can't even save. They'd rather borrow money to watch a concert than save.
Actually, there are also lots of young people that are successful now. If only you spend more time in social media, you can see that many of them are business owners now and have improved their life with the help of the technology or the internet. There might still be young people that are like that you said but I'm sure their numbers have declined drastically.
But I'm not blaming them. In the modern times, there's just so many things to buy, to spend your money on. It isn't like this in the years of old. There wasn't even a movie to watch, no phone to buy. There was even no internet, water, electric bills to pay.
I think it is not about the thing but it is still about us if we have a control but back in time, there are already movies. In fact, theatre is popular before than now. There are also phones which are also more expensive than now. Although there might still be no internet that time but the water and electricity were already introduced older than it.