All great points and I agree. What's different about this generation (esp in the UK where I live) is that they're becoming reasonably asset rich but they feel

All great points and I agree. What's different about this generation (esp in the UK where I live) is that they're becoming reasonably asset rich but they feel poor day to day. This is because they spend a lot of their income on mortgage payments (much of which is equity) and they're auto enrolled into pretty decent pensions which also is a building asset (but not one that they 'feel'). Getting things you can certainly afford on credit (which may be the right decision given low rates plus high inflation) compounds the problem. You're going to buy a car for 40k after a year of saving. You spend 11 months looking at a big number building up in your account thinking 'hey I'm rich' or you spend 12 months with 'no money in your account' feeling poor. But the outcome is the same. Cheap credit creates many situations where credit is better than cash - so will make the feeling of 'no money' worse.