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theguardian - 28 days ago

It’s not what you earn, but what your parents have that truly counts | Torsten Bell

Income inequality pales into insignificance when increasingly fat inheritances are taken into accountOur parents aren’t just ageing, they’re growing more important to us. Financially, that is. They increasingly determine not just our childhoods but how wealthy our adulthoods are. Lots of research shows parents’ income or education affect our earnings and the rich literally buy their children’s education.New work from the London School of Economics shows that whether your parents were homeowners became more important between 2000 and 2015 in determining whether you managed to get on to the property ladder. Resolution Foundation research found that, in the 1990s, 30-year-olds whose parents had property were twice as likely to be homeowners as those whose parents did not, but from the mid-2000s they were three times as likely. Continue reading...


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