Want a good job? Get rich friends.

By Dr Abhijit Ramalingam

Why do the wealthy get all the best jobs? Are the children of the rich simply better at these jobs by virtue of attending better schools where they learn better skills? Very unlikely. Based on the Milburn Report, The Guardian[1] finds that children from richer backgrounds in the UK are 35% more likely to get the high-paying jobs despite possessing lower academic ability than their poorer counterparts; wealthier families create a ““glass floor” for their less academically inclined children” and “hoard the opportunities” for them. A 2014 study in the US[2] found that children with ‘inherited advantage’ achieve better outcomes even with lower effort.

mind_the_gap_logo_by_rrward

Mind the (pay) gap

Continue reading