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.
That’s the symptom, but the middle class isn’t the disease.
Correct. I’m not sure the article writer would disagree.
Upward mobility with the help of family has generally been viewed as common or normal in any family that could afford to do so IMO. Doesn’t matter if it was a car, used or new, to get a young person on the way to independence, paying for some or all of college, or chipping in for a first house.
Must be a slow news day to attack that.
The problem is the rising costs making that family assistance more exclusive while the rest get loans from banks.