While I don't have kids, the younger generations in the family both here and Germany are doing fine as well. Pretty much all GenX (my generation) are multiple home owners. Milleniums and GenZ are homeowners up and down the West Coast, (Vancouver to San Diego) The GenZ family in Germany are much younger but all either in Med/Engineering. The ones not going to school are working taking over family business. Will have to go to school at some point as German law dictates that formal education is required in those fields. This also includes kids of friends and co-workers. C-Suite and executives at the office don't train their kids to be in 'trades'.
While I was in the military many years ago, I had cheap rent and a 20 year contact. You know what most of the members did, become 'lazy'. They knew they had a guaranteed cheque for 20 years and then a fully indexed pension. Only a handful went out and invested in real estate in places like Winnipeg, Cold Lake, Edmonton, Calgary, East Coast because rent was only $200. They spent more on booze and smokes than they did on groceries. Racked up debt because of the guaranteed income. The money was good for 1999 but fast forward 20 years, and no new skills, no real savings, and now stuck with a less an ideal pension. All self inflicted but they blame everyone else except their own poof life choices. I decided to buy, got a 2nd job for more cash flow. Then decided to leave the forces altogether as I knew $100K (in 1999) 20 years later would not be enough. Landed in pharma, then moved to Energy. I also worked with many civilians in the Oil industry who were easy come easy go. Buy everything on debt because the $$$$ from Fort Mac would never stop. Well it did and its not coming back.