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The Bunker
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.
47:56
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Quick takeaways
- Parental wealth profoundly impacts young people's chances of homeownership, overshadowing personal effort and educational achievements in the modern economy.
- The rise of the 'Bank of Mum and Dad' is creating systemic inequities in wealth distribution, leading to a socially stratified landscape where opportunities are increasingly dictated by inherited resources.
Deep dives
The Financial Impact of Familial Wealth
Parental wealth significantly influences the life chances of millennials and younger generations, often overshadowing hard work and education. The burden of student debt is a primary concern, with many leaving school with debts exceeding £40,000, making it harder to save for a home without parental assistance. A study indicated that over half of first-time homebuyers received financial aid from their parents, suggesting that familial support is crucial for entering the housing market. This reliance on the 'Bank of Mum and Dad' creates disparities where those without such support struggle to achieve essential milestones like homeownership and financial independence.
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Discover
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