I certainly agree, at least for people of a certain age or with the means to do so. Make sure all is ok with the younger generations while enjoying what you got while you can. We've been telling my octogenarian in-laws to do just that.
Unfortunately what I'm seeing anecdotally are people in their 20s-40s spending all they make (and often more) with no understanding or aforethought about how they'll pay for college/weddings/etc or, for that matter, for their own retirement. Either they think their parents will pay for it or the government will pay for it. I'm not talking about people actually struggling in this market...those living paycheck-to-paycheck because there is no choice. Rather I'm talking about people who live paycheck-to-paycheck because they WANT to (the ultimate American consumer).