In a meritocratic society, which factor is most likely to contribute to downward mobility among individuals from previously higher socioeconomic backgrounds?

In a meritocratic society, where people are rewarded based on their abilities and efforts, individuals from higher socioeconomic backgrounds can still experience downward mobility due to various factors. One significant factor is the lack of necessary skills or education that can lead to job loss or limited career opportunities. For example, if someone inherits wealth but does not work hard to develop skills or adapt to changing job markets, they may find themselves unable to maintain their previous lifestyle. Additionally, personal choices, such as poor financial decisions or lifestyle changes, can also contribute to this downward mobility. Ultimately, even in a system that values merit, individual circumstances and choices play a crucial role in determining one's economic status.