www.dailymail.co.uk/news/article-3108441/Generation-Y-left-pick-6trillion-tab-Report-warns-children-born-1980-2000-face-apocalyptic-levels-debt-Government-spending.html
I'm not quite sure its apocalyptic , but certainly its worrying. Life will still function, but for the majority owning a home or ever retiring looks unlikely.
My dad was a blue collar worker in the north, working on a production line. He retired at 60, with 45k lump sum and 14k a year pension for the rest of his life. This job was enough to support a family on one income and pension only cost 20-30 a week when he was earning. I doubt anyone doing the job these days could afford a lifestyle anywhere near the same, especially as there are less of these types of jobs.
I'm ok, but only because I was born and didn't have to pay tuition fees, graduated and there were plenty of jobs and am a high earner. But even for people like me its got a lot harder in the last decade.
Living standards look like they will start to fall.