I think part of the issue is just how expensive life is for younger folks.

It’s expensive for older folks too but you have a security net of what you managed to get before stuff started getting even more screwy. An affordable place to live, a car, some credit, a decent phone plan, etc. Meanwhile if you’re starting out in this economy it really freaking sucks. The same salary doesn’t stretch as far when you’re comparing it to someone who has some material under their belt vs someone who is just starting adult life. So you have a disconnect for what a “reasonable” wage is - a boomer might be happy on the same wage that barely covers the bills for a Gen Z - not because one has different spending but just because one managed to get a mortgage while the other legit needs a boyfriend to split the rent on a bachelors to be able to afford to live.

(This is in addition to wages being ass at keeping up with inflation, but that hits harder if you don’t have a security net or a life built up to cushion you)