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.
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question_answer ANECDOTE
ToMein's Jacket
ToMein inherited a jacket from his father, highlighting subtle advantages from family.
This sparked a conversation about inheritance and its impact.
insights INSIGHT
Inheritocracy vs. Meritocracy
Inheritocracy is the opposite of meritocracy, where success depends on parental wealth, not hard work.
This is the reality for those under 45, especially since the 2008 financial crisis.
insights INSIGHT
Self-Made Myth
The "self-made" narrative is powerful branding that attracts talent and motivates workforces.
However, it hides the reality of inherited advantages and can be demotivating.
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The wealth transfer from baby boomers to their children is set to be the largest in history. This has created an unfair system—where parental wealth is the main determinant of success in life—says generational historian Dr Eliza Filby. She has written a book called Inheritocracy: It’s Time to Talk About the Bank of Mum and Dad. She travelled around the UK to explore who wins, who loses, and what we should be doing about it.
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