I think it would be hard to argue that Gen Z has a higher quality of life than Gen X
Incomes for each income quintile at the same age shows Gen Z as having more income than Gen X did. They are also statistically much worse with money and expenses.
You can dig all this out of historical Census data. Find personal (or household) income by age group, do the same for each cohort over time, inflation adjust, and it's pretty clear.
So I can certainly argue they have higher quality of life than Gen X at each point in their lives thus far.
For example, just look at one metric: weight. Kids these days (and, obviously, adults as well) are overweight and obese in numbers that are off the charts (off the charts because you barely had any obese kids in decades past). They used to always call it "adult-onset diabetes", which now they prefer to call it Type 2 diabetes because you see so many kids getting it, which is tragic IMO. To be clear, I'm not solely blaming the childhood obesity epidemic on smartphones or social media - I'm just using it as an example of something that has changed for kids that we should be worried about, not just hand wave away as "Meh, adults have always bemoaned youth."
Rates of teenage depression, loneliness and anxiety have skyrocketed in the pass 15 years, and when you dig into the data it doesn't look like just a rate of diagnosis issue.
Teenagers themselves (as a group) are telling us they are significantly more unhappy than teenagers in years past. We should listen to them.
It's also fascinating how every generation in recorded history has similar claims about the next, yet somehow mankind has improved quality of life for so many.
Simply google (without quotes) "list of ancients bemoaning youth" and read millennia of similar claims, some of which could be used today and sound new.