How does welfare turn debt into an investment?

>Household debt is an unintended consequence of assuring a smoother transition to adulthood. In conservative continental European countries, however, despite high welfare spending, welfare is concentrated mostly on the elderly and on people with stable jobs. This discourages younger generations from taking risks, including mortgage debt.

Are you saying that welfare discourages risk taking? I could see that. If I take a risk and get debt I put at risk my welfare later on in life.