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.
Then Mom and Dad just include taxes. I want to destroy this, not just make more revenue for the government. Either that or we admit we don’t live in a country of individual merit and we change our culture. But letting this submarine of privilege sit here while we blame all of the poor people and pull up ladders isn’t going to work in the long run. It’s just going to cause massive political unrest like that during the French Revolution.