Maybe just rational behavior: very few people in the USA have experienced the kind of long-term calamitous change in fortune since the Great Depression. While many today may believe (with good reason) that it's harder to build wealth, our government also steps much with many more stopgaps to prevent the kinds of losses that can really put someone out on the streets. Perhaps they just would rather enjoy consumption with money while they have it if they won't really sink or rise in any tangible way by saving and investing (or for lack of doing it).