It is, but it's not the ONLY factor.
Had my son been born in 1952 and not 2002 I think he would have had a much less stressful time of it.
One reason - school. He would have been in the R stream, almost certainly. Far less pressure and expectations. It was accepted then that some were academic and some were practical. My friends brother was in the R stream at school. Did no exams, but left school in 1975 at 16 having done practical things. We lived in a farming area, so he had learnt animal care, how to drive a tractor and basic car mechanics. He walked straight into a job.
Scroll forward, despite my son being in the equivalent of the R Stream, but obviously not called that, he was still put under a lot of pressure to achieve academically and there were no practical options available.
Another reason - There were more jobs for youngsters then. Most large companies had a post room or a canteen, there was more factories that needed human labour. My dad started at 14 as an errand boy, eventually retired in higher management, but always said that year or two doing so many basic things, which often involved thinking on his feet, were invaluable.
My son has struggled to find work. Not because he is unwilling, but he isn't academic and has no qualifications. He is bottom of the pile.
Today's expectations and the lack of basic practical opportunities for those who don't get 27 GCSEs exacerbate problems with anxiety and self esteem.
Add social media (and a lot of teenage social media is horrible) into the mix and it creates a very toxic environment for a lot of teenagers.