I can not know the interplay between the pressures and wants of the "youth" group but I suspect it is a little more complex than asked about in the article.
For sure, if one has priorities something has to give. But how much of the reduction in willingness to earn a little pocket money, and learn the value of money, is down to not having the time; and how much is not having time the excuse to not bother ?
I suspect you are correct when you suggest parents wanting the best for their kids have the money to give them, which probably wasn't the case for them and their parents. And this then removes the incentive to get a little job and work for their money. I also suspect the youths are all the worse off for it in the longer term. If we don't have to learn good habits and attitudes it's near impossible to turn ourselves around later in life. But that is what parenting is supposed to be about, doing what is best for your kids at the time, rather than giving them what they want.
Maybe it won't prove a major issue, but a little more encouragement for self reliance might not go amiss.