For sure. I know one or two similar cases. But prudent, frugal, and hardworking people landing in that situation seem to be the exception, and likley not the majority of the above-quoted 40%.
One thing created by our modern media, social or mainstream, is a huge increase in luxury spending on everything from weddings to funerals. If one of my kids were to come to me and say they wanted to spend 6 figures on a wedding, I'd tell them to save that money for a house, and I'm many times wealthier than most of the folks I see blowing ridiculous amounts of money they don't have, on such things. And when it's time to bury me, please don't put some expensive and beautiful $4k box in the ground on my account, a simple pine box will do just fine!