The thing is, even if you are making good money, most of us are one sick family member, one divorce, one strange set of circumstances, one recession away from being on the streets. You can do everything right and still end up screwed.
There are simply things outside your control (yes you) and they can financially ruin you. A bad interaction with the law, cancer, a recession. The line between stability and homelessness is narrow and not entirely due to bad life choices.
I have a child with severe autism. They'll never be able to be a "productive member of society" and one of my biggest fears is what happens when I'm gone. I have to save up enough money not just for my own retirement and care but also theirs. That's a narrow tightrope to walk.
Especially because I know that statistically my child is one of the more likely people to end up homeless.
I have a financial bus factor of basically 1 which will destroy not only my life but also my child's life.