Complex sentence: Wealth is an important factor in determining the quality of both individual and family life chances because it can be used as a tool to secure a desired quality of life or class status and enables individuals who possess it to pass their class status to their children.
Split into simpler sentences: Wealth is an important factor in determining the quality of both individual and family life chances. Wealth can be used as a tool to secure a desired quality of life or class status and enables individuals who possess it to pass their class status along to their children.