Intelligence Squared
How the Bank of Mum and Dad Took Over the Economy, with Eliza Filby
Sep 29, 2024
Eliza Filby, an academic and author of "Inheritocracy," dives into the impact of inherited wealth on modern society. She discusses how parental money influences education, housing, and even dating life, highlighting generational wealth inequality. Filby also tackles the complex topic of inheritance tax and its implications for economic equality. Additionally, she sheds light on Gen Z's approach to social mobility and caregiving roles, urging for open conversations about money and emotional dynamics within families.
55:04
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Quick takeaways
- Parental wealth, termed the 'bank of mum and dad', increasingly shapes opportunities for millennials in home ownership and education.
- The societal stigma around discussing inherited wealth complicates fair assessments of success and underscores the need for open dialogue about economic disparities.
Deep dives
The Concept of Inheritocracy
Inheritocracy describes a societal structure where parental wealth increasingly dictates opportunities for the younger generation. This concept highlights the growing importance of financial support from parents, referred to as the 'bank of mum and dad', in achieving goals such as home ownership and higher education. This dynamic underscores the shift away from traditional merits, such as earning and learning, towards the profound impact of inherited wealth. Eliza Philby's personal experiences illustrate how her reliance on her parents' financial support shaped her life decisions and opportunities.
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