I don't know. I partly agree and partly - don't. I'm 37 and my parents are late 50s and early 60s. Would I want to live like them when they were my age? No, not really.
They were (still very much are) well-to-do. No problem with money and there never was. Own multiple properties, live in a very large house. Everything owned outright, no mortgages - ever.
But when growing up, it was all rather..dull? They had the money, but everything was always geared up towards that 'quality of stuff' (often mentioned here) and 'practicality'. So, for example, when furnishing the house. Let's get not quite what you want, but something 'timeless and classic' and also practical, so it 'withstands the test of time' and can stay there for decades and decades and decades. Say you'd LOVE a green/red/whatever (insert some non beige/brown/grey/black) sofa. But no, let's get a brown one, always practical, looks timeless, never gets old, doesn't matter if it's not what you really want. And let's pay thousands for it, buy 'the best', and then keep it until you die, because, well. You paid thousands for it.
Multiply it to all the areas of life. Want this backpack? It's a fashion backpack, not a 'quality' one, let's better get this boring black leather one from xxx brand (the best), pay hundreds for it and you'll wear it from primary until you graduate, because it will last. And so on and so forth. No holidays abroad, because it's good enough locally anyway, and the money spent on that can be spent on other, important things. And I repeat, we weren't short of money and could easily afford holidays abroad.
They were not misers, my parents. They didn't skimp and scrimp, we didn't eat basic out of date food, wore old clothes with holes, washed once a week to save water - nothing like that. But everything was so 'practical' and joyless.
I don't have nowhere near as much money as they do. Don't own multiple properties. My furniture and household stuff is much cheaper. But my house is colourful, the way I want it. I'll buy a pink coat if I want it (an example), not 'practical' and 'timeless', but it makes me happy. I travel. A lot. It's a driving force in my life and brings me the most joy of all. They are richer. But I am happier. Wouldn't trade places.
I did learn some of their habits and I'm not a frivolous waster at all. Don't do all the 'nails, lashes' and that stuff, change tech only when the old dies, don't buy endless clothes, etc. So I partially agree, maybe we DO expect too much, to have ALL of these things. But my personal line is caravan holidays in the UK and household without a washing machine. That's a firm no.