Have you considered .....
...that many of the seniors, less familiar with computers (to start with) and all that 'social media' entails, will ask their kids, 'What's this all about?' And the kids reply, 'Don't worry, it's nothing that involves you and you can ignore it.'
And to many of the millennials there is a separation of privacy related to social media and apps (not to worry - not even on the radar) and privacy as related to employers and the government (no, I'm not going to tell them ANYTHING! That's violating my privacy!!)
"It is almost assured what is released to the Internet is public knowledge forever. Why does this scare parents and older adults, but not Millennials?"
When you have 3,000 'friends,' and you spend your day releasing every aspect of your life to them .. it's back to that 'social media is different' and everything is ok. It's a learned behavior driven by peer pressure and mass marketing.
Remember that parents and older adults were brought up with (taught) the concept that everyone including themselves had a right to privacy and it's something that was to be respected. Now, millennial parents rush to sign up their 3-day old child with a Twitter account so that child will '...have an Internet presence as soon as possible.' The tweets must be fascinating, as penned by Dad: I slept. I ate. I pooped. I cried.