tell me I'm too young to understandThey say I'm caught up in a dreamWell life will pass me by if I don't open up my eyes
They, (the older generation) sees the care free nature of someone so young and naive about life (the speaker) and tells him that he is living life like it's a dream, that he has yet to really experience or understand it or what hardship it entails. They warn him that if he does not open his eyes and start taking life seriously and stop living being guided by heart (his feelings and emotions), time and life are all just going to pass by him in the blink of an eye, and everything will be wasted.