Treasury research shows Australians have a better chance of improving their financial standing than many other developed economies, but it still pays to be rich.
abc.net.au/news/australia-economic-mobility-good-but-weakening/101849820Australians are still more likely than people in many other developed nations to be able move upwards from the position they were born into, but Treasury researchers have warned that may become harder.
And researchers found there was a clear persistence in wealth across generations — and that trend was more entrenched among the nation's richest and poorest. Researchers also found who a person's friends were also had an influence on their likely economic outcomes, being about a fifth as influential in determining future wealth as a person's parents.
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