It is interesting. Boomers came of age in one of the most prosperous societies ever. And while we can't talk about all those tens of millions of people as one unit, there are major and obvious trends from that generation where they emphasized fear of crime and drugs and sex (just look at the politics), and focused on job and retirement security over most other aspects of life.
I'd have expected them to be a lot more decadent and care free. Maybe it has to do with being raised by a generation that could not be decadent or care free (by and large).
Fear of crime and drugs and sex compared to whom? Not the generation before. It seems the correlation goes in the opposite direction from what you posit.
Indeed, as at least the perception of prosperity goes down, it’s worth observing that millennials have fewer sexual partners than boomers and use less drugs.
I'd have expected them to be a lot more decadent and care free. Maybe it has to do with being raised by a generation that could not be decadent or care free (by and large).