You could almost hear the vitriol online when Minister in the Prime Minister's Department Nancy Shukri cautioned youths about "living beyond their means."
Quietly, though, most admitted that some of their peers do have money woes because of their bad financial discipline and knowledge.
As Dexter Chan puts it, while he does not overspend much, he does not think too hard about whether he really needs something before buying it.
"Does that mean I have a hard time differentiating between want and need?" he ponders.
Dexter, 24, thinks peer pressure is another factor influencing young people's spending habits.
"In my circle of friends, we always sigh about how expensive branded coffee is, and yet we frequent the chain because it has sort of been absorbed into the lifestyle. It could be a city kid thing."
Although she thinks branded coffee is a luxury, Grace Rajen, 25, feels it is unfair for the older generation to impose their values on what their "needs" and "wants" are.
"Times have changed drastically. When they first started working, there was no mobile phone. Now, we depend on it so much because society practically demands that we can be contacted easily.
"When it comes to owning a vehicle, we need to be able to move around fast. Also, public transport isn't always a safe option, especially when you're a girl.
"True, you are at risk of accidents in a car but the chances of getting raped, robbed or worse are much higher when you depend on public transport."
Grace says that while she spends money on her physical health and appearance, she considers fashion trends a luxury.
"Gym membership is essential for me because I like working out but it's generally a luxury for most youths. I also consider health insurance an essential."
While some oldies frown upon young people eating out too many times, Grace considers it a necessity, saying: "I like trying new places and food, plus it's nice to treat my family. Also, it's the only time I get to meet up with old friends."
Vanessa Wong, 23, agrees that some young people don't appreciate the value of money or realise how difficult it is to earn a living because they have had it easy.
"That is the generation gap. For example, my parents had a hard time growing up so they learned how to save, and it has become a habit until today.
"As for the younger generation, some of us had it easy. And because of that, we don't realise the importance of saving for a rainy day. When we have the money, we spend and only worry later."
She thinks it's only fair that the older generation try to pass on their financial values to the young.
"I often see parents work so hard just to earn and send their kids to a nice school or college and give them allowances. But their kids ask for more money.
"They have to think about their parents too, you know. If only they know their parents don't own a money-printing machine and how hard it is to save up for themselves and for their kids' future.
"I seriously respect my parents for being able to save and still provide me with a comfortable environment growing up."
Like other young people, Vanessa's choices are shaped by safety issues.
"I consider the smartphone a necessity for safety reasons. If not, parents won't know if we're alive or have been kidnapped. A car is also a necessity because you'll need transport to get to classes and stuff. But if an 18-year-old kid is driving a Ferrari or Bentley, that's a luxury!"
While she considers keeping up with fashion and beauty trends a necessity, Vanessa agrees that young people can get easily blinded by the luxury items they see and start considering them as something they need.
"I think it's partly due to the pressure of living in a society where looks matter - what kind of car he/she drives, what brand of clothes/bags they're wearing. It sort of signifies status and I think a lot of people crave that sort of 'high level' status."
Moderation is the key, notes Vanessa.
"Eating out, watching a movie and clubbing are not a need and must be done in moderation. This means you should not go to a club and spend RM1,000 on a bottle of hard liquor! That's insane!"
Although his pay is sufficient, bank employee Ivan Kang, 24, says he finds his car loan and study loan quite a burden.
"I also have to pay my phone bills, fund investment, petrol and parking fee at my workplace on a monthly basis."
Ivan believes it is important to educate young people about proper financial planning.
"Most youngsters are ignorant about personal financial management and always think about the present instead of the future," he says, adding that social media can be an effective tool for that aim.
Ivan also points to peer pressure for youths overspending.
"Every day you will see youngsters posting luxury items on social media like Facebook and Twitter. This will make their friends feel inferior if they do not have the same thing and they will be tempted to spend more on expensive items like the latest hand phone, branded clothes and items which somehow project them as high class people.
"Worse, many abuse their credit card that was originally meant for convenience.
"Nowadays, there are so many temptations in society and youngsters could easily be influenced to purchase unnecessarily.
"New technologies are introduced one after another, seducing the young to get one of those latest technologies so they will feel superior and proud."
Still, Ivan feels it is unfair for the older generation to impose their values on what essentials and luxuries are.
"Both generations are totally different and not all values from the older generation are applicable. We should take those values that are relevant to our current era, for instance saving, working hard, filial piety, etc.
"It is okay to spend on luxury items but it should be closely managed. It is not bad to spoil yourself as a reward for your hard work with a cup of branded coffee once in a blue moon," he says.
Ivan feels the older generation should try to understand the young's point of view.
"The younger generation has been brought up in their own comfort zone and so they lack the ability to differentiate necessity from their desire and assume desire is necessity in their life."
It is also crucial for parents to be the right role model for their children, he stresses.
"They need to manage their own finances in the right way. How do you expect your children to be financially independent when the parents themselves can't manage their own finances?"