When we are young we often lack the foresight to be able to properly handle our finances. There's nothing that can be done to recover what you have lost due to irresponsibility but you can take the lessons learned to adequately manage your future income. It's happened to me before and for a long period I was unable to earn very much.
It can take a while to bounce back but what has worked for me was completely cutting off most expenses aside from the bare minimum needed to live. I like to keep detailed information of how much money I have saved up and if it starts to get too low then I will look for an area to cut spending from.
I think that if you have no responsibility of home then you have no concept of saving and making your financial system stable because you don't realize that how to earn money and how to spend it. BUT once you become a responsible person of a family then you will know about the Importance of saving as well as reduce spending on those materials which are not much important for life.
Regression occurs at any stage of life therefore we should teach our children earlier that they will have responsibility in future so if they learn well early they will do better otherwise they will have difficulties in carrying out a job as a responsible person. As you described about handling of family expenses same should be done by each individual because there is no possibility that a person will live always without any responsibility.