The key thing about live folk music is that it is local, as it always has been, though local means something different from what it used to. If there's no young people involved where you are, that just means that where you are there are no young people involved. The same way, if, where you are, the place is crawling with young enthusiasts, that doesn't mean there's a folk revival all over.

Festivals in my experience are also relatively local for the most part. But I don't think I have ever yet been to a festival where, in fact, there wasn't a whole range of ages, with the proportion of young people in line with the proportion in the population generally, meaning a sizeable minority.