The summer overhaul of playing staff and style at Stamford Bridge has so far failed to yield any silverware, with Chelsea having missed out on three trophies already this season, as well as slipping well off the pace in the Barclays Premier League.
Roberto Di Matteo paid with his job and Ivanovic insisted it was time for the Blues' new breed to live up to the standards of their predecessors.
He said of the world-title decider: "For us, this is maybe the key game for this generation.
"We know how we have to play the final and we know that it's going to be tough. So, we have to be ready."
The Club World Cup has been cast somewhat as an ugly sister to the Champions League.
But Ivanovic said: "I think this is one of the biggest chances we have in our lives, what we have at the moment.
"So we have to try to do everything to take it. We know why we came all the way here."