This generation is one that faces a pretty bleak future. The first generation predicted to be worse off than their parents. Overeducated and underpaid. Knowing they have less career opportunities, knowing they are going to face the consequences of climate change, of global conflict, of growing up under the constant threat of terrorism and war and political turbulence. That isn't exactly going to produce a particularly upbeat group of people, is it? Personally, I think the increase in hedonistic behaviour in young people is a huge, flashing red warning sign that this isn't a happy generation. Feeling the need to go out drinking, taking drugs etc. is a form of escapism perpetuated by the work hard play hard mantra that encourages people to live in a cycle of draining themselves mentally for 5 or 6 days a week and then blowing off all that steam in one big release of energy that really isn't healthy for anyone. I don't think any of that attitude is the fault of young people themselves, it's a byproduct of our situation.
Increased devaluation of the things that have, in the past, provided other outlets for that energy is only going to make things worse. Keep cutting arts programs and telling kids they can't waste time on those 'soft' subjects that give them a chance to express themselves and all that is going to happen is that they become pent up with stress and have nowhere to send it. Ask any mental health professional what unreleased stress does to a persons mental health and they'll tell you it can lead to depression, anxiety, anorexia, and a plethora of other issues. We are in a society that puts 24/7 productivity over wellbeing. And some people are suited to that. And some people aren't. And that used to be perfectly fine, but increasingly it is being seen as unacceptable and kids know that from even as young as 6. At 6 kids shouldn't be worrying about whether or not they will get into a good university, but they are, and that's insane.
At the same time though, young people are learning to be far more empathetic and far less judgemental. Most of us seem to operate on the basis of 'as long as it doesn't hurt anyone else, do whatever you want and have fun with it', and that's something to be hopeful about, because we are actively trying to not put the next generation of kids in the same situation as us. So it isn't all doom and gloom, I guess.