My parents who are now in their mid 60s were affected by this.
My dad, who is highly intelligent never went to uni but could have had a great career if he been able to go. Instead he worked 6 days a week in a manual job until he was 65.
My mum, whose father was not a witness only allowed her to pioneer after leaving school if she got a job that allowed her to learn something worthwhile. She did this and had something to fall back on.
Because of this my parents actively encouraged me to go to university because even they admit that their financial situation could have been so much different. They also acknowledge that so many others of their generation are facing the same issues.