I think reality hurts and debt allows you to ignore reality.

They are the first digitally native generation and you only ever see the success stories on social media. Maybe that is resulting in a lot of ‘keeping up with the influencers’ spending?

They saw their parents generation broken on the wheel for next-to-no benefit compared to the preceding boomers… why not splurge what you have on fillers and holidays while you can still enjoy it. Spending it isnt going to bring lasting happiness though.

(Sorry - stream of consciousness writing in response to your comment)