Gen Y is not that bad.
I think they're certainly a bit more pessimistic about shares and property prices, but I think almost every Gen Y I know - except for maybe two people - (and I know a lot since I'm a Gen Y myself) has at least 1 IP and is interested in building wealth. I reckon I can count 30-40 of them.
Of course, they're more well-travelled than their parents at the same age. Most have been to most continents except for maybe Africa (yes, many have done Antarctica) and like to eat at good restaurants (organic, healthy, good produce). But they don't necesarilly chase Hermes or Maseratis like their peers in China. If you were to compare Australian Gen Ys with what we call the 80s and 90s in China (which I guess is a mix of Gen X, Y and Z), we certainly have the least expectations. In China, if you weren't wearing a Hermes belt and A Testoni shoes by 30 and driving a Porsche, you won't get much attention from people.
Are Gen Y lazy? So-so. I know some very hard working engineers, tradies, bankers, lawyers, consultants - they work til 12am everyday and save every penny. Also know a few who dream of inventing the next big app but just spend most of their day at the Incubus or York Butter Factory loitering around. So both types exist. Probably no different to when the baby boomers were young.
Are times tougher this generation? So-so. It's more expensive to buy a house, but the interest rate is less. Not sure if there were IO loans in the 70s. It's cheaper to catch a flight, and if you're savvy wechat/taobao/alibaba/facebook/line/gumtree/classified ads/uber should get you much better bang for buck than your parents' time. I'd like to think my generation has so much more opportunities than the baby boomers'. Making money has never been so easy.
I would argue I have probably done more than my parents at 29. I could retire with probably millions in equity right now all from own work. At 29, my mum was probably still wandering around Chapel St as a backpacker (from Hong Kong) and my father was slaving away at a Chinese takeway. I think a lot of Gen Y see the opportunities, and what they're saying is, why slave away at a job when you can grasp these opportunities (tech, Europe, China, India, Indonesia, internet - there's money everywhere if you looked).
I guess what Gen Y are lacking (and I'm certainly guilty of it) is the tenancy of some baby boomers to persevere, who toughed it out for 10-15 or maybe 20 years, build a solid foundation, and then grasp the opportunities at 35 or 40. They want to grasp it now. Like NOW!