Rich parents biggest indicator for success
Exceptional Upward Mobility in the US Is a Myth, International Studies Show
ScienceDaily (Sep. 5, 2012)
He found that parental wealth plays an important role in whether children move up or down the socioeconomic ladder in adulthood. And that parental wealth has an influence above and beyond the three factors that sociologists and economists have traditionally considered in research on social mobility -- parental education, income and occupation.
"Wealth not only fulfills a purchasing function, allowing families to buy homes in good neighborhoods and send their children to costly schools and colleges, for example, but it also has an insurance function, offering a sort of private safety net that gives children a very different set of choices as they enter the adult world," Pfeffer says.
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