Summary
The “Bank of Mum and Dad” is a significant force behind modern inequality, fostering an “inheritocracy” in which access to opportunities is dictated by family wealth rather than personal achievement.
This financial support, often viewed as a safety net, undermines social mobility and reinforces a system where success is shaped more by inheritance than by merit.
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, especially among millennials, exacerbates inequality within and across generations, highlighting the need for a broader societal conversation about privilege and fairness.
It’s not just a happy home, it’s a Goldilocks thing. So many things have to go exactly right. I came from a happy home, with parents who were upper middle class. Perfectly positioned for what the article describes. My parents were even able to give me a couple hundred dollars for my rent for a few years. But because they sold houses as they moved around they didn’t have the level of wealth that would mean they could straight up bankroll me buying a house. Or give me a stable place of my own with no rent at all.
The fact that we are dependent on intergenerational wealth to even get started on the classic American dream stuff is ridiculous and worth a political fight.