Generation Y - have we created a monster?

I have become somewhat of a generational expert, having appeared on national TV and radio talking about generation Y and employment issues. Recently whilst travelling on a delayed flight, I started to think from a parental point of view rather than as a recruiter about the challenges that generation Y face.

As parents we all want a better life for our children than perhaps we have had. I certainly wanted a better or less painful childhood experiences for my sons than I have had. Is that perhaps why we created such a self indulged generation? My parenting situation was not unique. I divorced at 30 when my sons were 5 and 18 months old. On reflection, I absolutely indulged them. They attended private schools, had all the latest games and enjoyed lovely holidays accompanying me on my speaking trips as well as a couple of Christmas cruises. On reflection I indulged them because I had so very little time to spend with them. They were essentially brought up by my parents and various housekeepers whilst I climbed the corporate ladder.

Now of course that they are grown and on their own way in life I wonder whether I have given them enough life skills to "make it". My eldest is about to move in with his girlfriend and I wonder how someone who has always had a cleaner to clean up after him actually possesses the skills to clean up after himself. Is this my fault? Should I have better equipped my sons to face disappointment and failure. My concern for Gen Y is that so few of them have been dissapointed in their lives so far. They haven't on the whole been told to be patient, to try harder or that you have to actually work quite hard to get anywhere in life.

Should we as parents stop indulging them and start parenting more like many of us were parented?