Yes the financial component is part of it. Building dense walkable urban developments makes car ownership more expensive and non-car options cheaper and more convenient.

Some would argue that in many places car ownership is being subsidized by the way we develop and tax.

Some households will still have cars, but households are not the same as individual people.

And I think there are plenty of places where the majority of households don’t own cars. You can say they would if it was cheap and convenient enough, but that’s the whole point we’re discussing. Not dedicating so much development and infrastructure to cars will make them less convenient and more expensive options than the alternatives for at least some of the population.

Make a city that doesn't require a car, and people that aren't compelled to use one won't.