Family wealth dictates our life choices. So is the Bank of Mum and Dad now behind so many of society’s growing inequalities?

Summary

The “Bank of Mum and Dad” drives modern inequality, fostering an “inheritocracy” where family wealth shapes opportunities over individual merit. This safety net often undermines social mobility, tying success to inheritance rather than personal effort.

Rising housing costs, wage stagnation, and unequal inheritance have entrenched this dynamic, with parental support shaping life milestones like homeownership, career paths, and education.

While early inheritances advantage some, the burden of social care costs threatens others’ expectations.

This growing reliance on family wealth exacerbates inequality within and across generations, highlighting the need for a broader societal conversation about privilege and fairness.

  • DragonstaffEnglish
    1·
    1 month ago

    It is both. It is a symptom of the inequality that my parents suffer and a driver of mine. Generational poverty is terrible for a society.

    I think some people are reading an attack where none is meant. The article isn’t chastising people for helping their kids. It’s pointing out that that help is necessary now in ways that it was not before.

    The article is “people cannot excel without support and if we like to imagine ourselves as a meritocracy we need to fix that”.