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Making Money

The wealth gap no one talks about - Generations historian, Dr Eliza Filby

Feb 24, 2025
Dr. Eliza Filby, a generational historian and author of 'Inheritocracy', discusses the immense wealth transfer from baby boomers to their children and its impact on inequality. She examines how inherited wealth often overshadows hard work, creating an 'inheritocracy' that benefits some while disadvantaging others. Eliza delves into cultural differences in family support systems, critiques the myth of the self-made individual, and underscores the importance of open conversations about inheritance to empower future generations.
01:07:01

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Quick takeaways

  • The term 'inheritocracy' emphasizes how parental wealth significantly shapes opportunities, contrasting sharply with the ideal of meritocracy based solely on personal effort.
  • Parental financial support, whether in large sums or smaller forms, substantially influences crucial life decisions like housing, education, and child-rearing.

Deep dives

Understanding Inheritocracy

The concept of 'inheritocracy' highlights the inequities in wealth distribution that arise from parental support, termed the 'bank of mum and dad.' This is contrasted with meritocracy, where success is primarily attributed to hard work and education. However, since the 2008 financial crisis, younger generations have faced stagnant wages and increasing costs of living, which have shifted the balance of opportunity. Access to financial assistance from affluent parents becomes a crucial factor in determining success, often excluding those without such support.

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