Mostly true. Not all Gen X's fault though... they were promised pensions and government entitlements that are in the process of being defaulted on.
Divorce and children have the greatest potential for the financial destruction of a mans life. Unless you are very wealthy, men should NEVER get married and NEVER have kids.
most gen X had the mindset of their parents to get a house, get married, pop out some kids and land a good corporate america job at IBM, or US Bank etc etc. those standard principles equaled a well balanced life for the older baby boomers (my parents)
but the gen X found that corporate america didnt give a shit about you
owning a home isnt cracked up to what used to be/should be
women in the workforce caused the standard family system to crumble (lets be real, a sole bread winner, live below your means, have the mother stay at home is the optimal family structure) but the high cost of living, and no one living below your their means - most families have dual incomes and most families are still paycheck to paycheck.
divorce rates were high, prior generations had better morals/ethics and do things to keep the family unit together, then the Gen X - it became easy to get divorced etc
gen Y realizes all the "responsibilities" (home ownership, corporate job, wife and kids) are actually anchors of freedom and sometimes happiness.
most of my gen X peers/co-workers who have solid banker careers are miserable, cuz they got locked up with responsibilities that were supposed to yield the American dream/happiness. you can still be responsible without all the serious financial and emotional burdens