Sounds paradoxical but both can be true.
The kids in the 80's likely grew up with parents with less money, generally, they had less resources in school, less options for play, less opportunities to travel, etc, etc but at the same time they had very happy childhoods, that were mostly spent out doors and anxiety free, as they made the most with the little resources they had.
Kids later, despite having more opportunity or everything better or more available, are anxiety riddled and generally a lot less happy.