UK’s £17 Billion Bank of Mum and Dad Entrenching Inequality
- Home-owning graduates transfer six times more than renters
- IFS think tank warns inequalities passed through generations
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A £17 billion ($20.5 billion) “bank of mum and dad” is driving inequality between younger generations in the UK as the children of wealthy parents are handed substantially more than their peers, according to the Institute for Fiscal Studies.
University-educated homeowning parents transfer around six times more than renters, the think tank found. White young adults in their 20s and early 30s are more than twice as likely to receive a gift than a Black adult, and three times more likely than a Pakistani or Bangladeshi.