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Conversation article: Your parents’ income doesn’t determine yours – unless you’re ultra rich or extremely poor.
Added by Michael Bromage on July 11, 2024 at 11:38 am.
https://theconversation.com/your-parents-income-doesnt-determine-yours-unless-youre-ultra-rich-or-extremely-poor-234158
Excerpt:
Australia is among the strongest global performers in terms of income mobility between the generations, according to a new Productivity Commission report.
The country’s long-term economic growth has led to each generation earning more than the last, on average.
Our report finds 67% of the so-called “Xennial” generation – those born in 1976–1982, on the cusp of the Millennial/Gen X divide – earn more than their parents did at a similar age.
This is particularly true of those born into poorer families.
When we look at where people rank in an income distribution, the picture is a little less rosy. While children with parents at the bottom or top of the income scale are more likely to remain there, almost 15% of people with parents in the lowest income decile, remain there while just 6% move to the top.
And those living in poverty – who often include renters, people from migrant backgrounds who don’t speak English at home and single parents – face some of the biggest barriers to improving their economic lot.
Fairly Equal? Economic mobility in Australia, released on Thursday, measures intergenerational income mobility by examining the relationship between a person’s income and the eventual income of their children.
https://theconversation.com/your-parents-income-doesnt-determine-yours-unless-youre-ultra-rich-or-extremely-poor-234158
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Last updated by Michael Bromage on July 11, 2024 at 11:38 am.
