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I never talked to my parent about this, but I imagine way better. My dad is one of the earlier master degree holder in China. He got his PhD much later; I believe around his 40s.
At my age, my dad is an entry level doctor and my mom an entry level nurse. They live in a room of 10 square meter assigned by the hospital they work in.
I am now a professor, a very busy job, but nevertheless stable. The pay is not bad (not as much as industry though) and the work is really fulfilling. The only unfortunate part is that I almost always need to work overtime. It is not uncommon for me to work from waking up to going to bed, if not working into midnight.