Sadly, I think there are issues with how cultures spend money. Status symbols are a killer of wealth, but the perceived value of letting people know you are well off is important in many communities. Think about the need to own a certain brand of car, to wear a certain brand of clothes, to wear lots of jewelry and gold. These items don't appreciate in value (with the exception of gold... but that's a whole different story).

The article fails to address the issues with how disposable income is spent among income classes. Mass media and marketing have done an excellent job making people feel like luxuries are essential to be happy.... when all they do is provide temporary bliss in exchange for a less secure future.
https://www.marketwatch.com/story/low-income-families-spend-40-of-their-money-on-luxuries-2017-06-28