Its a bit sad that after all those years these people are in the situation they are in and cant have a peacfull old age with dignity.

Not to exaggerate but the system is realy making a confortably ensalved people. While a complex topic but I think one of the main reasons will be no financial education, literaly zero (there is a ton of books but outside of the regular education) and the adictive habits of spending that corporation play with the human psychology.