Absolutely. Younger employees inevitably have little in savings and are facing first time purchases that older employees have put behind them. They're also more likely to be working their way through school. Watch how many times customers ask young wait staff if they're in school.
A friend who owns a restaurant explained why he almost always assigned young wait staff to our table - we treated the them well, tipped very well, and had zero issues with what we ordered. A restaurant owner needs new staff to get enough tips and have a pleasant enough experience to stay onboard. The industry has enough turnover as it is. The more experienced wait staff didn't mind as they had their regular customers already.
The younger ones are much more likely to be middle to upper-middle class kids living at home, going to college, with better career prospects ahead.
Having those new employees make enough to stick with it fits with that profile.
Lots of restaurants around here (NY/New England) have pooled tips among other reasons to keep balance in compensation.