Most girls today will make more than any other female generation in history. Your statement would hold true for boys. But the rates of mental illnesses and suicide are growing faster among the former. So it's probably more complicated that economic success.
I mentioned more things than just economic success. It's a culmination of multiple things all bearing down on the upcoming generation. To simplify it as "it's social media," is, I believe, dismissive, as if your mind is made up. Trying to remove social media from the equation would probably make it worse by removing supportive groups found there, not to mention when you ban things and people still do it, now they can get a criminal record.
We've been doing this same stuff for decades. Something bad, ban it and throw people in jail for doing it. It doesn't work, it just makes things worse. Why don't we realize this yet? It's been generations.