Generational wealth: A silent source of insecurity for those without

Each generation contributes its own unique subplot to the grand narrative of human progress, with the promise of enlightening and uplifting the next. 

However, in the sprawling digital landscape of the 21st century, a silent epidemic is brewing among the youth of Bangladesh — youth insecurity, tied to the elusive dream of generational wealth.

Thousands share a similar, albeit unarticulated, feeling of insecurity.

The crushing weight of inequality

Under the veneer of modernisation, vibrant culture, and bustling city life, there lies a narrative that is often overlooked: the growing unrest among the youth. What we often fail to understand and acknowledge is that they are the thinkers, the dreamers, the doers, and ultimately the changemakers. 

Yet many face the harsh realities of economic inequities.

Societal expectations only add to the burden, as young people are compelled to achieve financial stability and surpass their predecessors, leaving them on a never-ending quest for success. 

Economic inequality has long been a familiar phenomenon, but its visibility has never been more pronounced. The stark contrast between those born into wealth and those without looms large.

Most young people without the safety net of generational wealth face an uphill battle in a world where living, housing, and education expenses have skyrocketed. They are acutely aware that their wealthier peers benefit from privileges extending far beyond financial security, including access to opportunities in education, travel, and networking.

"Every time I scroll through social media, I see people my age living lives I could only dream of. While it inspires me to believe in fulfilling such aspirations in one lifetime, the reality hits hard — it's not just about their wealth but also the opportunities they effortlessly access: travel, education, and connections that seem out of my reach," shares Prottasha, a 25-year-old graduate still struggling to find employment.

The promise of generational wealth is often an elusive dream for many. In Bangladesh, this dream is to break free from the cycle of poverty and insecurity that has hovered over families for generations.

The burden of expectations

In our society, the immense pressure to succeed can be overwhelming. The youth are thrust into a high-stakes game with very limited resources. The rising costs of living, education, and housing have created a harsh reality for many young people in Bangladesh. 

The dream of home ownership feels increasingly unattainable, and many families are burdened with educational expenses that require significant sacrifices. Yet, the return on this investment is not always guaranteed in a competitive job market.

The disparity in access to quality education, healthcare, and employment opportunities further exacerbates the issue. While some young people have the privilege of attending prestigious schools and universities, many others are forced to settle for subpar educational institutions that do little to prepare them for the competitive job market. 

This unequal access to education creates a significant gap in skill development, leaving a large segment of the youth population ill-equipped to compete on a level playing field.

Shahnaz, a recent university graduate from Dhaka, shares her struggle. "I had to turn down an internship that would have been a great career move because I couldn't afford to work for free," she says. Her story is a testament to the sacrifices many young people must make when they lack the financial backing to pursue their aspirations.

For Mohammad, a 25-year-old engineer from Sylhet, the struggle is even more personal. "My parents sold a piece of our family land to pay for my education," he says. "Now I feel this immense pressure to succeed, but finding a job that pays well enough to support my family and pay off debts is incredibly challenging."

The double-edged sword of social media

Social media platforms like Facebook, Instagram, and TikTok connect us in unprecedented ways, but they also serve as constant reminders of disparities in lifestyle and wealth. The curated perfection of others' lives can exacerbate feelings of inadequacy among financially struggling youth. A study by Dhaka University links social media use to increased rates of anxiety, depression, and poor sleep among young people.

"Seeing influencers my age flaunt designer clothes and exotic vacations makes me feel like I'm failing," admits Fardin, a 24-year-old barista in Dhaka. "It's hard not to compare, even though I know their reality isn't the full picture."

A recent viral Facebook post succinctly captures this sentiment: "Just saw someone with generational wealth, day ruined." The post shared thousands of times, resonates deeply with many young people demoralised by the seemingly effortless success of their wealthier peers.

Impact on mental well-being

The emotional toll is profound. Every failure, every missed opportunity, feels like a personal affront to the sacrifices made by their parents and the expectations of their community. The dreams of the young are not just their own; they carry the weight of their family's aspirations, their community's pride, and a nation's hope for a brighter future.

Anxiety, depression, and burnout are common among youth striving to achieve financial independence without a safety cushion. A study by BRAC University reports that financial stress is a significant source of anxiety for Bangladeshi millennials and Gen Z. 

Despite growing awareness of mental health issues, a significant stigma still exists around seeking help. Many young people suffer in silence, fearing that admitting their struggles will be seen as a sign of weakness or failure. This culture of silence only exacerbates the problem, leaving many without the support they need.

Success beyond inheritance

While generational wealth offers a head start, it does not guarantee success. History is full of stories of individuals who rose from humble beginnings; Muhammad Yunus, the microfinance pioneer, is a prime example. His journey underscores that success is not defined by inheritance but by the ability to adapt, innovate, and contribute meaningfully.

Young people must leverage their skills, pursue education, and use technology to forge their paths, confident that their potential transcends financial inheritance.

Breaking the silence on youth insecurity

Youth insecurity is a major global concern, and it is crucial to present solutions on how to tackle this issue. The silence surrounding youth insecurity is both deafening and pervasive. It manifests in the quiet resignation of deferred dreams, in the systemic barriers that stifle potential, and in the widening gap between aspirations and attainability.

While the nation celebrates its economic strides, a significant portion of its youth grapples with the harsh reality of limited upward mobility. Addressing this issue requires a paradigm shift—one that acknowledges the varying generational realities of financial capacity. It also entails policies that integrate marginalised groups into education, business, and capital. Society must move beyond its privileged status quo and open doors for the disadvantaged.

Efforts should focus on capacity building for young people—from organisational structures to parliaments — and dismantling strategies that exclude them based on their background or connections. This includes mentoring, financial literacy initiatives, and programs that empower youth in Bangladesh to take advantage of opportunities that will help them thrive.

If these challenges are discussed and addressed, barriers can be dismantled, enabling youth to succeed. By respecting the role of social and leadership models in individual development, it becomes the duty of society to ensure that the next generation rises above the challenges faced by the previous one, creating a more equitable and prosperous future for all. 

Kazi Farbeen is a senior at North South University, is passionate about exploring cultural narratives and societal perspectives through writing. 

Disclaimer: The views and opinions expressed in this article are those of the authors and do not necessarily reflect the opinions and views of The Business Standard.