this post was submitted on 17 Nov 2024
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Summary

The “Bank of Mum and Dad” drives modern inequality, fostering an “inheritocracy” where family wealth shapes opportunities over individual merit. This safety net often undermines social mobility, tying success to inheritance rather than personal effort.

Rising housing costs, wage stagnation, and unequal inheritance have entrenched this dynamic, with parental support shaping life milestones like homeownership, career paths, and education.

While early inheritances advantage some, the burden of social care costs threatens others’ expectations.

This growing reliance on family wealth exacerbates inequality within and across generations, highlighting the need for a broader societal conversation about privilege and fairness.

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[–] [email protected] 74 points 17 hours ago* (last edited 17 hours ago) (1 children)

Remember, it is not the super wealthy billionaires driving inequality, it is the middle class parents who (checks article) let their kids stay at home when saving money. It is not speculative real estate investors driving up home prices, it's your friend getting help on a down payment from family.

Everyone around you who has something you want but cannot afford is clearly the beneficiary of a corrupt system of inequality of which you are a victim…

[–] [email protected] 13 points 12 hours ago (1 children)

I think that not being able to get ahead without parental help is explicitly a symptom of that.

[–] [email protected] 16 points 12 hours ago (1 children)

That’s the symptom, but the middle class isn’t the disease.

[–] [email protected] 5 points 9 hours ago (1 children)

Correct. I'm not sure the article writer would disagree.

[–] [email protected] 4 points 8 hours ago* (last edited 8 hours ago) (1 children)

Upward mobility with the help of family has generally been viewed as common or normal in any family that could afford to do so IMO. Doesn’t matter if it was a car, used or new, to get a young person on the way to independence, paying for some or all of college, or chipping in for a first house.

Must be a slow news day to attack that.

The problem is the rising costs making that family assistance more exclusive while the rest get loans from banks.

[–] [email protected] 1 points 8 hours ago

Correct. But it's easier to assemble and publish an editorial about discrete symptoms than a manifesto on core societal ills.