Episode 4: Money Mindsets
Speaking to givers, receivers, lawyers and more, Tony Hawks presents a new series exploring inheritance in Britain today.
Tony Hawks is a very lucky man. He has done well in life, thanks to luck, hard work, plus many years of writing, travelling and making people laugh on ÃÛÑ¿´«Ã½ Radio 4. But he doesn’t fancy a nice car. He’s not into flashy holidays. And he doesn’t want to pass any of the money he’s earned down to his only child.
Tony acknowledges that he’s aspirational. But he aspires to do good, not to accumulate. And that’s the legacy he wants to leave to his son. Not money. Because, in Tony’s opinion, money passed down through inheritance corrupts aspiration, it corrupts ambition, and it has a corrosive effect on personality.
What’s more, he believes inheritance has a harmful effect on society - it perpetuates inequality and makes a mockery of equal opportunity. In short, Tony is dead against it.
If Tony were to leave just money to his young son, would it give his boy a vital leg-up or would it take away his drive and motivation to achieve things on his own terms?
The series follows Tony’s efforts to make a decision about his will, his son and his money. He argues for a radical shift away from the idea of inheritance. But is it even possible in today's world?
Inheritance is a complex issue that sits at the heart of British society. And it’s about to become a whole lot more pressing as we face the biggest transfer of wealth in history. The Baby Boomers are dying out and they will be leaving vast sums of money to the next generations over the coming decades.
The idea of passing something on to our children is deeply ingrained in our culture. Where did those attitudes come from? And how hard are they to change?
Tony’s father left no money to him and so it doesn't feel unnatural to cut - or limit - his own son’s inheritance. In this episode, he speaks to comedian Russell Kane and money mentor Selina Flavius, and hears how our attitudes to money and inheritance are often passed down from previous generations. But can Tony come up with a new solution to the problem of what to leave behind, rather than sticking with old assumptions?
Presenter: Tony Hawks
Producer: Tom Woolfenden
Sound Designer: Jon Calver
A Loftus Media production for ÃÛÑ¿´«Ã½ Radio 4
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