They have never experienced what it's like to live in a tight financial situation, so they will act as they please with the money they have. For example, someone who was born into a very rich family (I'm not saying all of them, but some of them are). So they don't feel the difficulties that lead them to bitter experiences, so they can't learn from those experiences.
It's different if someone starts from the bottom and they have to work hard to be in a situation where their finances are very stable. Such people will usually be able to appreciate money more and they can manage their finances very well.
Money is an important factor in living life, so we have to be able to manage it well, or in other words, we have to be smart to appreciate the money we have.
The fact is that many children of rich people have their own income and can manage their finances well because they have wealth from their parents and the support of many facilities that are used for educational purposes up to bachelor's degrees, from an early age they have been facilitated by international standard schools and take private lessons from professional teachers, knowledge they are above the average child, besides that they have access to jobs because their parents have a role in getting their children into government or company jobs. However, some children of rich people like you said above, they don't care about knowledge and they neglect useless activities, after their parents died they couldn't manage their finances wisely, they could only spend their wealth by lavishly buying expensive things and he doesn't think about what his financial condition will be like after he no longer has cash for living needs.