do you have evidence for your claim? everything I can find suggests that literacy is about as high as ever, as are book sales.
There are high literacy rates, but this says little about whether material has been grasped and digested. References to classics (e.g. in the English tradition, Milton, Shakespeare, Dickens) or even religious texts (e.g. Exodus) are rarely recognized, in my experience. Given how freely great orators of the recent past drew from these (e.g. the speeches of MLK Jr.), this is surprising.
If I don't make it a daily habit, it becomes difficult to read a novel, I am unable to maintain the attention required, which phone scrolling im sure has exacerbated.