I'm glad you mentioned 'perceived' loss in quality of life. I think that is what is being argued, does the perception meet the reality?
It could be that the major reason for 'college kids perception of loss in quality of life' is that the rise of ad-driven media, as opposed to the previous generation's subscription model, leads to more sensationalized news to drive clicks. Combine that with online forums (echo chambers) that make it easier to complain to a sympathetic audience. College kids are also more susceptible to recency bias, they didn't live through previous times of uncertainty and have no memories of cold wars or the turbulence that previous generations lived through.
To me it seems that even software engineers and bankers in US and UK, at least those who don’t have parental support, will struggle to ever attain the things that are achievable to moderately ambitious european kids from the lowest wealth and income deciles at 25-30 in a wide range of professions: 40 hour workweeks, comfortable middle class lifestyle, home ownership in appreciating, investment grade old real estate in historical city centres.
It could be that the major reason for 'college kids perception of loss in quality of life' is that the rise of ad-driven media, as opposed to the previous generation's subscription model, leads to more sensationalized news to drive clicks. Combine that with online forums (echo chambers) that make it easier to complain to a sympathetic audience. College kids are also more susceptible to recency bias, they didn't live through previous times of uncertainty and have no memories of cold wars or the turbulence that previous generations lived through.