It's kind of "funny"
People shat on the various "working class" sitcoms over the years. Just look at how many people (time to show my age) pointed out that the Wilkersons* on Malcolm in the Middle brought it on themselves because any time they had any money or credit they blew it on stupid things.
And now people are living it. Because if you have no hope of saving up for the future... why bother trying? What will having even a couple hundred grand mean when you have to start hoping you die before that runs out?
I was raised to save for a rainy day and that is what I do. I max out my 401k every year and so forth. I am under no illusions that is going to give me a good retirement and understand it is more about having savings for even a moderate injury or to help me during an extended period of unemployment. And... I am not above blowing some of that cash on stupid stuff I don't REALLY need because it is an Experience that I can enjoy while I can still enjoy things.