I recently interviewed a few high school students and they each made a point of professing their privilege. Even a kid who emigrated recently and lives in a poor part of town talked about his privilege. When everyone talks about their privilege, the word loses its meaning.
I understand the point of being self-aware. And I wouldn't have been so struck if some of the kids had used different words. But they just sounded like little robots, reciting a mandatory confession. So if you want to talk about privilege with your kids, at least mix up the terms every now and then.