It works both ways; they know that they're the first to be bumped out in any "rightsizing."
My Millennial son is 30 with a civil engineering BS and a Masters in Urban Planning. He's worked three jobs, a private firm in Tampa, the Waukesha WI transportation planning, and then took a sideways move to Phoenix last year, where he seems to actually be settling in for the long haul, he likes the work and they're less likely to lay him off than in other places he's looked into.
Every generation has faced being on the low rung of the ladder.