Personally, I don’t think they do. If they want to give their kids an inheritance, that’s great. If they want to spend it enjoying their lives, that’s fine too.
And past generations have delivered us in sum far more good than bad. Our problems would be the envy of most people on the planet at most points in time. And yes, Millennials were spoiled with the wealth of their parents from the start, though also marred by the poor educations their parents’ generation allowed to be bestowed on them.
Respectfully, I must ask these questions:
Assuming your child is not a complete deadbeat, what right does a parent have to waste away their children’s inheritance for personal enjoyment? Shouldn’t it be an obligation to provide for their well-being after the parent passes, especially when they are more likely to be more affluent than their children?
As for the legacy of previous generations, it goes beyond bad education. They helped to enact legislation which promoted our demographic dilution, our embroilment in excessive foreign conflicts, the degradation of our social institutions, and the integrity of our safety nets. Aside from their role in technological advancement (itself a double edged sword), I don’t know if the good necessarily overwhelms the bad.