Millennials. Accidental feudalism.
A generation can earn more on paper and still struggle to own a home. Huw asks what changes when the route to wealth runs through inheritance rather than wages.
THE GIST ON MILLENNIALS
Why does future wealth feel so distant?
The money many millennials expect to inherit is tied up in their parents' property. It cannot pay today's rent or provide a deposit while somebody else still owns it. The timing of wealth matters as much as its eventual amount.
What happens when the inheritance finally arrives?
It may arrive after the years when it would have made the greatest difference. By then, the recipient's own children may need help with housing. Instead of enjoying the wealth themselves, one generation can become the route through which it passes to the next.
Why call it accidental feudalism?
Two people with the same work and wages can have very different lives because of what their families own. Huw's argument is that wealth becomes less about earning and more about waiting, making the circumstances of birth increasingly important.
Does this change how you see millennials?
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Quick answers
Why does future wealth feel so distant?
The money many millennials expect to inherit is tied up in their parents' property. It cannot pay today's rent or provide a deposit while somebody else still owns it. The timing of wealth matters as much as its eventual amount.
What happens when the inheritance finally arrives?
It may arrive after the years when it would have made the greatest difference. By then, the recipient's own children may need help with housing. Instead of enjoying the wealth themselves, one generation can become the route through which it passes to the next.
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