Dr. Eliza Philby

In the US, the over 50s own about 60% of the nation's private wealth.

So we have a huge disparity of older generations owning a lot of wealth.

And this is the thing, it goes unsaid.

So, you know, in New York, certainly, in London, it's 52% of first-time buyers on the property ladder, 52% have access to the bank of mum and dad, right?

There you go.

In the US, Gen Z, about a quarter of Gen Z are getting that down payment from the bank of mum and dad.

So it's not as much because housing generally is cheaper in the US.

Right.

Not everywhere, not on the island of Manhattan, of course.

But generally speaking, where's in the US, where the real investment is, is in education.

So it's paying for college.

That's where the bank of mom and dad is sort of really sort of getting people on that ladder, getting people on that trajectory.

And you know how wealth works, right?

The earlier you get it,

the better it materializes.

It really is.

But it's a natural human instinct, let's be clear here, to create that safety net and that springboard for your kids.

I have two kids.

When my first son literally came out of me, I was like, right, life's purpose has arrived.

Hold on.