I would agree that it's not entirely the result of precarious financial situations. But even in tech and other high paying sectors, I would argue it still plays a factor, even if it is unconscious. Golden handcuffs are in part evident of this. Everyone in America wants to make enough money they can retire comfortably. Which is an entirely rational thing to want to do. But other countries do have higher paying pensions, so the fear of retiring destitute is less.

Also keep in mind employer expectations are a market just like any other. You as an employee compete against others willing to go lower. If you have a portion of the population in precarious financial situations, that will still impact you somewhat as they compete for jobs indirectly with you.