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People tend to get more conservative as they gain wealth and have something to conserve, hence that trend not continuing for millennials as of yet
This is the real answer. And it makes sense too. Also, your formative years impact your beliefs. Gen X is increasingly conservative, even though they're stuck in the same crap as millennials. They grew up in the "greed is good" 80s.
https://www.nbcnews.com/meet-the-press/first-read/poll-gen-x-gen-z-take-different-political-paths-rcna66264
Notice how millennials are the least conservative generation by far? That's what comes from being shit on by the economy for years.