So many of this generation and a bit of the previous one are living lives completely saddled in debt. The car is a shining example. I don't have any statistics but I'd bet that we're saving comparatively less now than we were 20 years ago, most of it goes to paying off unnecessary interest and keeping heads afloat water. Ours is a horrifying age of consumerism.
All is well and good for now, barely, but the storm has been brewing for probably a decade. When tens of thousands of our own countrymen lose their jobs to AI replacements, the debt will remain and mount with overdue interest, long after the only jobs they've been doing are made redundant, with no viable employment options left available.
What then, PAP? Upskilling has proven to be futile, and 3/4s of these newly unemployed in the future will have diplomas or degrees but can barely put food on the table because suddenly, 3x more people are fighting for that one job.
We are kicking the can down the road and the road is reaching a dead end not too soon. Protect yourselves now, spend prudently, invest safely, work towards a worst case scenario where your savings will be adequate to live off of reasonably a decade from now.