Why it's harder to earn more than your parents

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The Nugget

Social mobility is becoming increasingly challenging in many rich countries, despite the belief that it has become easier. Hidden privileges tied to the class you're born into still greatly influence your chances of progression.

Key quotes

"If you’re born at the bottom here, your chances of moving up the income ladder are lower than in many other rich countries."
"The homemade toys and books helped the kids to develop language and cognitive skills."
"It’s a huge task, but the post-pandemic world offers a unique opportunity for change."
"People have felt comfortable insulting me because in their mind they think if you’re working class you can change that. The onus is on you."

Key insights

Climbing the social ladder is increasingly difficult in many rich countries.
The class one is born into significantly impacts their chances of upward mobility.
Hidden privileges tied to social class greatly influence opportunities for progression.

Impact of Economic Shifts

Economic shifts away from manufacturing towards service-based industries have heightened the importance of a university education.
Education has become a key determinant of people's incomes and life chances.

Innovative state schools are emerging to help propel kids from lower-income backgrounds into top universities.
Programs like the Opportunity Atlas aim to track and improve opportunities for children from low-income families.

Social capital plays a crucial role in perpetuating the advantages of those from wealthier backgrounds.
Building networks and connections can significantly impact one's opportunities for success.

Make it stick

💡 Social mobility challenges persist in rich countries, influenced by hidden privileges tied to social class.
📚 Education has become increasingly vital for income and life chances in the modern era.
💬 Building strong social connections and capital is crucial for navigating opportunities and success.
🌍 The post-pandemic world presents a unique opportunity to address social mobility issues.

This summary contains AI-generated information and may have important inaccuracies or omissions.