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.

  • HobbitFoot @thelemmy.clubEnglish
    2·
    9 hours ago

    Not the USA, but several countries including China make elderly care the legal responsibility of their children.

      • HobbitFoot @thelemmy.clubEnglish
        2·
        6 hours ago

        I have never heard of this happening in the USA. The closest I’ve heard of is some states enforcing grandparents’ rights to visit their grandchildren, but I’ve never heard of any American government entity forcing children to take care of their parents.

        • Seleni@lemmy.world
          1·
          6 hours ago

          Just because you haven’t heard of it doesn’t mean it doesn’t exist, or doesn’t happen. Another poster already linked the Wikipedia article, but they’re called Filial Responsibility Laws. The states that have them are:

          Alaska Arkansas California Connecticut Delaware Georgia Indiana Kentucky Louisiana Massachusetts Mississippi Nevada New Jersey North Carolina North Dakota Ohio Oregon Pennsylvania Puerto Rico Rhode Island South Dakota Tennessee Utah Vermont Virginia West Virginia

          Iowa used to but they got rid off them in 2015.