The problem with you being the rare parent to hold their child accountable is that your kid is just going to see it as you being unfair to them. Their peers are going to laugh at them.
A lot of their peers legitimately don't need to worry about being a responsible adult. They will inherit enough wealth to never have to work a day in their life.
The problem is consumerism.
Narcissism is just a symptom of our insecurity.