What challenges with saving should this generation focus on as opposed to generations prior? Which generation faces more challenges?

Funny, I find this question important but at the time I’m providing a response there are more negative votes than positive.
I’m first going to qualify “this generation” as both Gen X & Y because I think they both face challenges that Boomers and older didn’t.  The two huge challenges are education and retirement.  Nothing new there, but what is different is that from 1980 to 2015 the college participation rate (number of high school graduates that start college) has risen from about 50% to almost 70% with expectations that this will continue to increase.  That means significantly more people need to pay for college, that has averaged about a 5% annual tuition increase, while real salary’s have barely kept pace with inflation.  The other significant challenge is that fewer companies are providing pensions or guaranteed retirement benefits at the same time the future social security system is in danger of reducing payments.  This puts another burden on savers to try and cover more retirement spending needs with less government or company assitance.  
How can we face these challenges?  Spend less, save early, save more.  

• Spend less: create a budget and live within your income.  Debt will ruin your long term savings plan.  
  
• Save early: anything you save today will reduce the amount to save in the future.  The power of compounding growth is huge.  
  
• Save more: as you age and your income grows, continually increase your savings amount.