This is why the younger generation are not having babies anymore. They barely have enough for themselves. For those starting out, their wages are too low and it is impossible to save for anything much. Most are just one major sickness away from bankruptcy. I agree that something's got to change. I just hope it isn't too late before that happens.
Perhaps this is also one of the issues, because they only have to look out for themselves. I am far better with my finances as a parent, than when I was not. The consequences of being bad with money are far greater with a child, so one has to learn. As a single person, I could be bad, and just go a bit hungry.
I think the actual thing is, they CAN only look after themselves. Having a baby costs a lot. My sister has one and she discussed this a lot. Diapers, wipes, food, etc. When one is barely getting by on their own, adding another mouth to feed is out of the question. And it's not like it ends there. There's tuition, their checkups, vaccinations, and medical stuff.