This is anecdotal, and my own personal experience. But maybe it will help you look at why it is important for even older generations to be responsible with their money.
My father is 63 years old. He has had a job in the medical field that pays 5k a month ever since I was a child. He goes out to eat every day, drinks, and goes on cross country Harley Davidson trips with his best friends. At one point he had 2 motorcyles, a toy hauler, a new F-150 pickup, and a small bass boat. His insurance policies were through the roof because of two accidents. He actually had his license revoked for a period of 12 years, but was finally able to get it back.
When my grandmother died he moved into her paid off house. My grandmother was smart and left the house to my sister knowing my dad would sell it and blow the money on stupid shit. He only needs to pay the property taxes to my sister for living there, which is like trying to pull teeth.
Now that he is older, he is starting to lose his toes due to diabetes that he has had since he was 19 (type I). It wont be very long before the doctors will need to start removing feet...
I have a two year old, and a 10 month old boy. Just purchased our first house in 2011, and my wife and I are still trying to pay off school loans, house, car, and monthly healthcare payments.
He has told me that his health is declining and he doesn't have anybody nearby to help him, and says he doesn't have the money to pay for someone to come and help him.
I know the picture I have painted makes him sound like an asshole, but in truth he really isn't. He gave me a lot of great memories growing up, he is just very irresponsible.
Now I resent him for it. My family is already living paycheck to paycheck. I am a stay at home dad during the day and drive Uber/Lyft at night and on the weekends. My wife has an amazing job and actually runs a department, but house+school+kids+car+healthcare is forcing us to live from paycheck to paycheck.
I cant take his burden on, I LITERALLY CANNOT we just don't have the resources. The worst part of it is that he EXPECTS us to take care of him because he is our parent, and now is doing his best to make us feel guilty about it.
It makes me angry right now writing this. So much resentment, and I see other millenials are also venting the similar anger on the internet.
Many of our parents lived the life, good job, good benefits, affordable healthcare and housing costs. Now it is gone.
The party is over and now the baby boomers are expecting the millenials to clean up house and drive them home to sleep off the hangover.