Bank of Mum and Dad: why we all now live in an ‘inheritocracy’
Bank of Mum and Dad: why we all now live in an ‘inheritocracy’
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.
