I think they are learning a valuable lesson not to live without some savings.
People have to quit living paycheck-to-paycheck. And don't rag on telling that some poor low-wage earners can't do that. Bullshit. All those low-wage earners that I know can afford cigarettes, booze, cell phones (better than mine), and have tattoos.
We have always lived differently. Frankly, a lot of that came from the JW mantra of "keep the eye simple". We have never bought anything (other than out first car and first house) that we cannot pay for with a check (cash). We might finance it, but we have the cash.
For as long as I can remember, the financial "experts" advised having a minimum of 6 months income in savings in case of a "rainy day". Well, folks, this has been a fucking hurricane. There should have been more planning for the storm.
Young people (my kids included) think they need to step out on their own into the lifestyle that their parents have achieved after 20, 30 or 40 years of working and saving. So they go into debt for a house they really cannot afford. They buy 2 new cars on credit. That big house needs furniture. CHARGE IT! They have two incomes but just barely scrape by...........until one of them gets laid off............of one of them get injured or sick.
You reap what you sow. Oh wait! Don't worry! The Government will bail you out. (And probably do so at the expense of the people who saved.)