I think you're right. About half my social circle is friends from work (other millennial in the high tech sector) and for the most part they are doing fine. Took a few years to knock out student loans but folks are saving well and buying houses now. The other half are those who had other degrees / no college and probably don't have a job that provides a 401k and I wouldn't be surprised if a majority don't know what an IRA is.

Me and my long time girl friend have been really fortunate, no student loans and high paying jobs for the first 5 years out college. Our retirement portfolios are in a pretty good place right now.

Seems that at all levels of American society inequality is rampant.