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.