Family wealth dictates our life choices. So is the Bank of Mum and Dad now behind so many of society’s growing inequalities?

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.

  • Soup@lemmy.world
    7·
    4 days ago

    Rant:

    I have a vaguely ok life only because of my parents and my grandmother. Help from my family has helped pay for car parts(repairs), some exercise stuff, French classes, and hell I only finished the third “optional” part of my education because I was able to not work while I did it. I haven’t been able to buy a single one of my instruments myself, they’ve all been from parents or my grandparents and I don’t have expensive instruments(ok one was $50, that was a good feeling but I got real lucky there). If it wasn’t for the family plan phone I’ve got no idea how I’d pay for a phone on top of everything.

    I’m do a bit to save, still. I fix my car myself almost every single time, even if it’s big stuff, but I can only do that because my dad has loads of tools and my parents’ driveway is large enough. I built my own computer, modified one of my basses instead of buying a more expensive one, have learned basic luthier skills to get my instruments playing out of their price range, and a lot of my home stuff is actually either on a longterm loan or was handed down. And you can forget buying clothes all that often; I’ll go a year not buying anything and when I do finally grab a nice new shirt I feel guilty. My place makes me look way richer than I really am and there are times I’m embarrassed by it given how vocal I am about our low pay problems.

    —

    I can’t imagine how hard it must be for people have serious challenges and no support system. They don’t have tools or space to fix their vehicles cheaply, or parents to give them kitchen supplies, or friends who move away and leave their furniture behind for indefinite periods of time. They don’t get to stop working to go to school and further their education, and there is no one to save them if they get slapped by a huge bill out of nowhere. It is so GODDAMN expensive to be poor and if I can feel that then those with less…well that is no way to live.

    It’s fucking disgusting how we treat the poorest among us and how we’ll turn around and act like someone like me is some wonderful hard worker while my classmates who get bad marks are dumb or lazy but no one accounted for the fact that they work nearly fulltime and help support a family while trying to also do school. Life gets easier the more money you have and yet we collectively choose to believe that people without it are lazy or not trying hard enough.

    Without all this support and privilege and luck I’d be nothing and I’m not so insecure that I won’t admit that.