Generation Bankrupt

"The under-25 crowd has the fastest-growing rate of bankruptcy in the country." They say that we are least likely to save money from our pay check. We are spending what-ever we get, we are getting sucked in to having credit cards. A lot of young kids have cell phones, which is like having a credit card. "1/3 of kids ages 11 to 17 have cell phones.
The big question is, if we don't save and get in to debt where will that leave us in the future?
They say our generation will not have social security so what will we do when we get older? And how can we break the cycle among the younger generations of spending without saving, or spending without having the money to buy?
More and more jobs are being sent over seas, and people are entering the low middle class group. Will be able to save ourselves?