Meet the Other Phone. Flexible and made to last.

Meet the Other Phone.
Flexible and made to last.

Buy now

Please or to access all these features

Chat

Join the discussion and chat with other Mumsnetters about everyday life, relationships and parenting.

British kids going to become more dependent on parental wealth...

102 replies

mids2019 · 22/11/2024 06:16

https://www.theguardian.com/lifeandstyle/2024/nov/17/bank-of-mum-and-dad-why-we-all-now-live-in-an-inheritocracy

I think this article is she opening but I think it is a reality we have with rising property prices and the impact of accumulated generational wealth.

Is there going to become an increasing acceptance that the blank of mum an dad will play a big part in children's lives and that ultimately once wealth is accrued within a family of stays there......

Bank of Mum and Dad: why we all now live in an ‘inheritocracy’

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

https://www.theguardian.com/lifeandstyle/2024/nov/17/bank-of-mum-and-dad-why-we-all-now-live-in-an-inheritocracy

OP posts:
EffinMagicFairy · 23/11/2024 11:17

mids2019 · 23/11/2024 07:47

The question is are you screwed without inheritance! Is this going to become a new form of poverty, the non wealthy parent to inherit from?

I see people at work in their 30s with houses they could not afford based on their incomes and it seems quite normal. I think you probably have many people in their 50s (like myself) with inheritances from parents who now setting up their own children in life.

My inheritance from my DF is currently in a trust until SM is no longer with us, I have the option to pass it straight to my DC which I have already decided to do. I want to help my DC and I also do not want to add it to my assets which could then be subject to IHT on my death, seems like the logical thing for me to do.

Foodie333 · 23/11/2024 16:00

All these assumptions about “wealth” are pointless assumptions about “people” and “their wealth”
IMO it’s more to do with choices made by prior generations and current. About work, education, where to live, spending.

I’ve seen it among my peers.

Friend waitressing 2 jobs, saved by: taking no holidays, no meals out, no Frappuccino’s, no insta holidays. She bought a very inexpensive flat, fixed it up and sold, and has been on property ladder since 22 yrs old.

Others doing versions of same but taking longer, because different choices - where to live, or travelling. Spending.

Another peer hugely in debt due to choices.

Sure some family helping with parts of life as they can.

Some get a bit of inheritance or life insurance … but that is more people choices. You get the “poor” guy who has saved hundred thousand and leaves it to dog home … the aristocrat who spent it all …. And everyone in between.

People who make good choices for selves and family shouldn’t need to support others.

Trying to make this about politics, inequality is pointless without data or facts.

New posts on this thread. Refresh page
Swipe left for the next trending thread