Radical with Amol Rajan A New Generational Divide: Living with(out) the Bank of Mum and Dad (Dr Eliza Filby)
Oct 30, 2025
Eliza Filby, a historian and author of "Inheritocracy," dives into the striking divide between generations shaped by family wealth. She discusses how eligibility for financial support from the 'Bank of Mum and Dad' influences success. Eliza highlights the declining graduate premium, shifts in parenthood and gender roles, and how delayed adulthood has redefined life paths for younger generations. She calls for a radical rethink of meritocracy and proposes a national conversation about inheritance tax reforms to create a fairer society.
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Inheritance Shapes Opportunity
- Inheritocracy means access to family wealth, not merit, now defines life chances for many millennials.
- Eliza Filby argues this shift grew after 2008 as parental support became central to adulthood.
Baby Boomers' Exceptionalism Explained
- Baby boomers were an exceptional cohort who benefited from post-war promises and expanding social mobility.
- Filby says that exceptionalism created expectations parents passed to their children that later generations couldn't meet.
Mass Education's Double-Edged Outcome
- Mass expansion of higher education raised expectations but reduced degree value as costs rose.
- Filby calls this a divisive system that left few alternative pathways for many millennials.
