I'm also lucky enough to own my own house, I've owned new cars, have an iPhone and go abroad on holiday a couple of times a year. So between myself and Cooperman we break the generalisations (him being the not-so-destitute pensioner and me being the home owning millennial), I think that suggests that whatever you've been told/believe about either generation is pretty much junk.
But lets look at this housing problem - if only the 'yoof' would stop spending all their money on smashed avo on toast they'd be able to afford a house. This is an irksome generlisation as it ignores the elephant in the room - rampant property price rises with pretty miserable wage growth with a generous helping of rent increases.
Flat to decreasing. By itself that's only part of the problem. Yes, it's tough but as a few have posted above, you can scrimp and save to scrape together a deposit.
But couple that with rising rents (sorry, crap image but is from the ONS and covers the last 10 years) and your finances are getting really squeezed, but again not insurmoutable:
Now for the real stinger. House prices. I've only lived in the South so can't comment on the rest of the UK but can cover the East and West. I've grabbed some house prices in locations I've either lived or worked:
Just look at those!
Look at the cheapest (£140k). I won't say exactly were it is but it's in a small town in the South West with no real redeeming features other than being within ~1hr of a few bigger towns (albeit via very congested roads with no real options for public transport). It almost quadrupled in value over 10 years, that's a very difficult rise to deal with for a couple on average wages especially considering all of the above.
Now look at the most extreme (£2.1m). I think it's pretty obvious this one is London but it's shows how extreme the problem is for some.
If you are saving hard to get on the ladder, the problem you're facing is that someone keeps pulling the ladder up a little every day/week/month. No matter how hard you save the houses you're looking at are likely going up faster than your savings and wages. So for many the simple answer is not to bother. You'll never be able to afford a house so you may as well spend your money on things you can afford and enjoy (cars, phones, holidays etc..).
That's not all either, many will also have additional financial stress factors (student loans being the prime example).
Hopefully that explains why the 'yoof' are living the way they are - their world isn't like yours. It's changed, the things you (i.e. previous generations) took for granted are gone.