That is partially true, but it is also true that, it’s because school is too expensive. Wages are stagnant and rent and housing is too fukking high. Also spending on experiences is way better than spending on material stuff like clothes, shoes, and expensive bags.
I say this and I have tons of savings a retirement account and I’m debt-free. I had to cut my expenses severely. I paid $700 for rent in St. Louis. Even when I had a lot of money as a doctor I still lived as if I made 50 K and I still do that today.