I suspect there is a large class of young people that expect to continue the quality of life they had as late teens as soon as they get a place of their own in their 20s.

It’s certainly kinda hard to suddenly downshift into a quality of life they never experienced.

Newish car, nice apartment, frequently eating out, etc all isn’t going to work out on someone with an entry level job.

The difference is their parents were in their late 40s / early 50s, enjoying the benefits of being at peak earning capability with enough time to pay off cars/house, build savings, and be well past all the early expenses one has early in life.