I can relate, TxDoc. I think when you see the younger generation (Gen Y) saddled with all of that debt, it is very dependent on what circles you travel in professionally and where you live.
When I lived in AZ nobody, well hardly anybody, thought of going to a private college out of state. There were no private colleges around. Most people I knew lived at home, worked, went to a cc and then transferred to ASU or U of A. Most took more than 4 years to graduate. Here, you are considered somewhat sub-human if you go to a state school. It's all supply and demand. The private universities here have done a great job of brainwashing everyone, from upper middle class to those with little money for school that you have to go to a private college to be anything. Hence, a lot of kids are saddled with unbelievable debt from this. They think they are going to be "rulers of the world" because they went to such and such university.
When I didn't have a lot of money, I never thought of saving. I wasn't in horrible debt, but I just lived paycheck to paycheck. I think an awful lot of people are like that. On a certain level, I agree with you, because my family had tons of money, too, that was gone in an instant, because of changes in one particular industry and my dad's lack of a college degree. Sometimes we have no control. My dad grew up with servants and is now 86 and is living on Social Security. So, this is why DH and I have been aggressive in investing and saving in the past few years. Despite our late start, we are well on our way to being able to enjoy life when DH stops working. But, I do admit, I was not willing to give up certain luxuries when my kids were young. It all worked out, though.