I think debt is one of those things that people take on when it 'feels' ok - society approves. Oh you have a mortgage? That's a smart investment. You have a car loan? Ok, that's necessary for a lot of people. Oh you maxed out a credit card to gamble at the casino? Hmmm...
So for a lot of people, especially young people, they are looking for society to give them a nod. Student loans are a good example. 18 year old is like 'well you told me this is the way...'
And the message from credit cards to auto loans for decades has been 'go ahead, it's ok, everyone does it'
I know someone who was born in 1940 and ain't no way she's taking on a penny of debt. Of course that's something an older person can position for themself through their lifetime decisions while younger people don't have as much latitude.
I saw some youtube short and the guy was just interviewing random young people at Disney and asking them about their financial situation while they enjoyed their day, and it was of course an absolute horror show ("yeah, $750 for my car payment... about 80k of student loans...enjoying my $12 slushy though")
It's not a simulation... more of a bad 80's movie about a dystopian future with a laughable script and cringe acting.