It's a famous misquotation of Socrates: he never said it. This passage was very popular in the 1960s and its essence was used by the Mayor of Amsterdam, Gijsbert van Hall, following a street demonstration in 1966, as reported by The New York Times, April 3, 1966, p. 16:
The children now love luxury; they have bad manners, contempt for authority; they allow disrespect for elders and love chatter in place of exercise. Children now are tyrants, not the servants of their households. They no longer rise when elders enter the room. They contradict their parents, chatter before company, gobble up dainties at the table, cross
their legs, and tyrannize their teachers.
Socrates never wrote anything down. Most of what he is supposed to have said comes from Plato and others.
There is also this:
I see no hope for the future of our people if they are dependent on the frivolous youth of today, for certainly all youth are reckless
beyond words. When I was a boy, we were taught to be discrete and respectful of elders, but the present youth are exceedingly wise and
impatient of restraint.~Hesiod, Eighth Century B.C.
"The world is passing through troubling times. The young people of today think of nothing but themselves. They have no reverence for parents or old age. They are impatient of all restraint. They talk as if they knew everything, and what passes for wisdom with us is foolishness with them. As for the girls, they are forward, immodest and unladylike in speech, behavior and dress."~Extract from a sermon preached by Peter the Hermit in A.D. 1274. Probably apochryphal.
Through the ages, the elders have always been alarmed by the behavior of the young.