I'm a Gen-Xer FWIW. IMO, society and the economy have changed, but the rules for getting ahead haven't.
Consumerism and globalism will make it tougher for Millennials to get ahead, but not impossible.
The main obstacle most young people face is lack of knowledge.
Developing life skills and acquiring a formal education are key, because they'll allow young people to make better decisions for themselves, as well as keep them viable in an increasingly competitive labor force.
Saving money and living within your means are also important, since pensions will be almost non-existent for young people today. Investing money for retirement will be your responsibility, so the sooner you start, the better.