They may not be planning well or making wise decisions.
We are fairly well off, but its very much on our radar that our mortgage is due for renewal in two years. We will be facing a big increase - we don't expect to get a rate as favourable as the one we have now, even if they are incredibly high. We need to plan as to how we handle that now. There are various things we could do now to benefit us in 2 years time. That may include having to overpay now to offset the increase in 2 years.
We also have to think of higher income tax, higher council tax, high inflation, needing a new car, the impact to our pension and higher fuel bills. This is going to be a long term thing - its not going to be shortlived. There are also others who may lean on us for support.
On paper we could afford a lovely holiday abroad. We haven't managed one in 3 years. But future proofing ourselves with boring shit is a priority so we can afford things in a few years time.
Genuinely, I don't think anyone under 45 can afford to be not thinking about boring shit or it will catch up with even the better off.
THATS how bad things are. Many of the 'have' are in for a big shock, especially if there is a big increase in the number of 'have nots'. More have nots mean bigger more people for the state to support.