Yes, my parents told me how they and their parents grew up (poor and harsh) and I realized how good I have it in comparison.
And that has only continued to improve with every generation but it can go backwards for gaps of time.
Look at how advanced the Sumerian, Egyptian, Greek and Roman civilizations were in comparison to the dark ages of Europe that proceeded for the next several centuries.
I foresee parts of society struggling more than other sectors from what's happening in current events but it could all be smoke and mirrors. There have always been areas of the world that rise and fall.