Just The Facts

Social Mobility: Why Grandparents Matter So Much

No other factor determines one’s material position in life more than one’s grandparents.

Takeaways


  • On balance, education, hard work and getting a good job are less important than having had the right ancestors.

1. On balance, education, hard work and getting a good job are less important than having had the right ancestors.

2. While one doesn’t get to choose one’s grandparents, few if any factors are more determinative of financial well-being.

3. If one’s elderly relatives own property, one can reasonably expect an inheritance and hence a huge leg-up. Parents are likely to pass the money down a generation.

4. The importance of having well-endowed grandparents results from the rise in real house prices in recent decades, while real wages have stagnated or declined in many developed countries.

From Britain is Recreating a Rentier Society Fit for a Baby Royal by Chris Giles (Financial Times)

 

 

Tags: , , ,

Responses to “Social Mobility: Why Grandparents Matter So Much”

If you would like to comment, please visit our Facebook page.

Privacy Preference Center

Necessary Cookies

The use of certain cookies is required for the site to function correctly.

Advertising

Analytics

Improve content and site performance.

Other