Young people already can't afford the basic things we took for granted 20 years ago. The public sector can't work like it used to.
As my posts above point out, the same goes for plenty of older people (because as the links explain, all age groups are diverse including social and financial circumstances).
I agree though that cutting funds to public services and not investing in affordable housing is a false economy. For all ages.
With older people it's not just pensioners. Over 50s are a hard hit group. This is a ticking time bomb because they're the next generation of pensioners, and are going to go into pension age in poverty and poor health (the two issues are interlinked, because poverty affects health). Age discrimination from employers towards the over 50s plays a large role here.
Failing to properly fund public and support services, and affordable housing, means a lack of timely and effective help. Which means people fall into and stay in worsening poverty and poorer health as they age. Which then ends up costing those public services, including the NHS and the benefits bill, more.
Related issue is the attitude that people who can't afford housing or find work opportunities in their area should all move somewhere else (which doesn't help anyway, as it just spreads the problem and adds pressure on housing, public services, and jobs elsewhere).
The mass displacement breaks apart communities, and it means the more vulnerable groups including the elderly and disabled are isolated from their families and support systems. So less able to have informal practical help and care, but also isolation especially for vulnerable groups affects health. Which means more, and more costly, need for NHS and social care.
The problem (for all age groups) is the false economy approach.