“It is time to talk about the Bank of Mum and Dad.”

This turned out to be one I did not enjoy as much as I had expected.

Which is surprising. I heard the author speak at an event in Rome earlier this year, and she was very impressive. The topic she touched upon, generation gaps, was enlightening. Her analysis and data went far beyond the general impressions and stereotypes I had of Baby Boomers, Gen X, Millennials, and so on.

Her main thesis was that family wealth is the real economic story of the twenty-first century. Younger generations are far more dependent on inheritance today than ever before. And she is not focused on inheritance as the one-time event toward the end of the benefactor’s life. She is talking about the much larger phenomenon of giving money, or even time, such as taking care of a young beneficiary’s children while the beneficiary is holding down two jobs throughout the life of the beneficiary.

She divides the benefactors primarily into Baby Boomers and, to a lesser extent, Gen Xers, with the beneficiaries being Millennials and Gen Zers. In the talk, she shared some jaw-dropping numbers and illustrations. For example, in the next ten years, in the US alone, $12 to $16 trillion of wealth will change hands through inheritance. With a “t” at the beginning! The following ten years will see somewhere around $100 trillion or more changing hands. This would be the largest transfer of wealth in human history.

She gave examples of how Baby Boomers generally had to take care of only one generation, their children. Every other generation has to take care of two, parents and children. She talked about how income growth has been fairly minimal over multiple decades, while the traditional wealth creation mechanisms, home ownership and education, have risen in price by leaps and bounds, putting them out of reach for later generations. Instead, they spend money on what has become much cheaper – e.g. traveling.

This is where getting financial support from parents early on opens up entirely new opportunities for those lucky children. This is not just about wealth creation. It is also about how much time people have at their disposal, whether they are holding down two jobs instead of socializing after one, their mental health, and even access to better healthcare.

In fact, because of this built-in separation in access to opportunities based on parental wealth, she declares meritocracy dead, or nearly so. Hence the title of the book.

All this was in the talk I heard.

I came home and ordered her book. Actually, I ordered three copies. I wanted both my kids to read it.

And the missteps started there. First, they charged me for three books but sent me only one. It came from the UK. Fortunately, I had ordered through Amazon, and they immediately refunded the price of the other two.

Not sure whether my expectations were simply too high, but reading the book was really a challenge. Maybe I learn differently and was expecting sharper analysis and more insightful observations. They were there, here and there. But there were so many personal stories, almost making this an autobiography, many of which felt trite and distracting, that I repeatedly lost the thread of the key points she was trying to make.

Her ideas were thoughtful and right on the mark. A couple of examples for each would have been enough. The book could easily have been one-fifth its length. It could have been a very powerful book with a handful of memorable messages. Instead, those messages became diluted by lengthy and often unnecessary personal anecdotes.

The editor and publisher could have done her a great favor by ensuring the themes flowed in a more structured and succinct way.

That said, the book does touch upon a few things her talk did not.

A couple of examples.

She talks about how Baby Boomers set the standards for entering youth, with optimism that hard work would be rewarded, but have struggled mightily to enter elderhood. They are now copying the younger generation. They are the largest segment of Facebook users, spend as much time as young people peering into their phones, and have seen the highest increase in alcohol overconsumption and sexually transmitted diseases. Sounds like somebody in their twenties, right?

She also brings out the unique perspective of what a Millennial woman like her has to go through. “The tyranny of time,” she calls it. Not the daily calendar, but the important milestones in life. Education, greater social freedom, and ambition have allowed Millennial women to pursue careers and other interests with unprecedented independence. But at the same time, they are constrained by milestones that cannot be moved very much. “Don’t marry early. Focus on your career… but don’t get left on the shelf.” “Don’t have kids early… but don’t wait until you are too old.” “Enjoy your twenties and travel… but prepare and invest for your future.” Opportunities have expanded, but biological and life milestones remain relatively inflexible, creating an infuriating struggle in the minds of many young women.

Again, great topic. Perhaps I should give it a second try someday.

Meanwhile, feel free to buy the book, or borrow it from me. But I would recommend listening to her on YouTube or finding one of her presentations first. She was kind enough to send me her slides after I connected with her on LinkedIn.