This generation might be less ambitious than its parents, but that's because it has learned to be. They were told that they were special, but not why or how. Little girls grew up being called Princess, but not being told how they could become something really special. Where previous generations learned independence, this one learned dependence.
Job opportunities are scarce in today's economies and unfortunately, for today's millenials, the employers get to call all of the shots. There are fewer entry-level jobs than in year's prior and those that are out there tend to want experienced candidates. In addition to this, baby boomers are still hard at work, leaving less room for middle management to move up. This does not mean that Millenials are less ambitious than their parents. They are struggling to find jobs that will pay them a salary which will enable them to live on their own. They are finding themselves in direct competition with people who have much more experience than them due to how scarce jobs are in the first place.
I am not less ambitious, I feel like I am more ambitious. I want to move out when I know I can pay all of my bills, I don't want to be in debt, I don't want to drown in this crappy economy. There aren't that many great jobs where I live, living on my own with my two children is going to take alot of work. I want to have a fantastic life and not struggle.
The age old question- is this generation somehow "less" than the generation that raised it? Less connected to one another, less ambitious, less successful? Or is it simply a changing of conditions? A bad hand of factor including economy and heavy debt. High cost of education and not enough jobs to go around. It does not seem that this generation is less ambitious so much as dealing with different circumstances than its parent generation.