The Bunker – News without the nonsense Has the Bank of Mum and Dad broken Britain?
Dec 6, 2024
Eliza Filby, a historian and author of *Inheritocracy: It’s Time to Talk About the Bank of Mum and Dad*, dives into the impact of parental financial support on millennials and Gen Z. She highlights how reliance on the 'Bank of Mum and Dad' is intensifying wealth inequality and reshaping the housing market. The discussion also explores how financial support affects marriage dynamics, with educated women struggling to find partners of equal affluence. Filby critiques the notion of meritocracy, revealing deep generational divides that complicate social mobility.
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The Bank of Mum and Dad's Impact
- Millennials and Gen Z's life chances depend on parental wealth.
- Factors like education, hard work, and talent are less influential than family wealth.
Millennial Financial Realities
- Millennials face stalling wages and rising costs like housing, education, and childcare.
- Parental wealth has become crucial for achieving major life milestones.
Hannah Fearn's Housing Story
- Hannah Fearn bought her first flat with parental help and a larger home after inheritance.
- This highlights how inherited wealth inflates house prices, creating a tiered system.
