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Link Between Rich Parents and Rich Children

Analyse why the children of the rich tend to become rich adults.

Category:

Labor Market and Income Distribution

CIE O Level June 2021

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Answer

TIP: Separate out each point into paragraphs to avoid repeating the same idea.

Children of the rich tend to become rich adults. There are several reasons why this may be the case:

(1) 💰Children of the rich can afford to study in the best schools and colleges.

The children of rich families tend to go to better quality schools, have higher cognitive skills, and complete more years of schooling. Attending a high-quality school may have direct long-run effects on an individual’s lifetime earnings by creating a more valuable professional network. They will be more productive and efficient, thus earning higher income.

(2) 💰 Rich parents may have connections with bosses of major employers, thus their children are more likely to gain high paid work.

Rich parents have more time and resources to invest in their children, which can enable children to be more prepared for school and work, which leads to higher earnings.

(3) 💰 Rich children may not need to worry about taking part time jobs or supporting their families while studying at university. Thus they can concentrate on getting high quality education without any distractions.

(4) 💰Children of the rich may have better access to healthcare facilities and enjoy better nutrition. They are less likely to miss classes or work due to health problems.

(5) 💰 Most rich families have their own businesses which their children will eventually inherit, contributing to their source of income. Children of the rich may also inherit other income-generating assets such as property and shares.

(6) 💰Research shows that children from high-income households have fewer siblings and more educated parents than those born to lower income parents. Teachers report that high-income parents are more interested in the education of their children.

In summary, the children of rich families tend to differ from their poorer peers in multiple ways. They have fewer siblings and more educated parents. Their parents spend more time with them and send them to better quality schools. Their cognitive skills are higher, and they complete more years of schooling. All of these channels have been found to affect an individual’s earnings











>MARKING SCHEME <

Coherent analysis which might include:
The children of the rich tend to receive a good
education (1) may not have to take part-time jobs / not
have to help in family business when studying / not
have to leave school early (1) become well qualified /
well educated / gain high level of knowledge (1)
become highly skilled / productive / efficient (1) find it is
relatively easy to find employment / get a good job (1)
well-paid (1).
The children of the rich tend to receive good health
care (1) good nutrition (1) have good housing (1)
unlikely to miss time at school (1) unlikely to miss time
at work (1) income will be high (1).
The children of the rich tend to have high expectations
(1) apply for better jobs (1).
The children of the rich may inherit e.g. property (1)
may gain income from e.g. inherited property / business / savings (1).
Rich parents may have connections with e.g. bosses of
major employers (1) more likely to gain high paid work (1).


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