That's an odd assessment of it and doesn't seem entirely true. You're suggesting that older generations spent money and the younger generation are paying for it? This sentiment is usually expressed on a more individual level - where it is very easy to spend money when you're young, credit card companies are always trying to get the less knowledgeable 20 year olds to borrow as much as possible. Once they are hooked, they'll often be paying the minimum balance and simply accept paying the extortionate interest rates without even realizing how expensive it is. Being out of debt, or at least only having a low rate mortgage, is the foundation for healthy finances so we should definitely do more to educate younger generations about these pitfalls.