What to know
- Eighty-six per cent of Ontarians expect careers to change significantly over the next 25 years, but only 18 per cent believe kids are being properly prepared for those changes.
- Eighty-four per cent are concerned AI could make post-secondary degrees less valuable, while 67 per cent are skeptical that AI will actually create jobs.
- Trades are gaining popularity: 50 per cent of respondents see trades as the strongest career path, while 37 per cent say the same about university.
- Embark CEO Andrew Lo says parents should save for flexibility rather than assuming their children will follow one particular education or career path.
- His advice is to encourage kids to stay curious, learn about emerging technologies and consider a range of options, from university and college to trades.
As getting a job remains challenging for many young professionals, a new study is revealing that most Ontarians believe kids are not prepared for what jobs will look like in a few decades.
A new study by RESP provider Embark has revealed that 86 per cent of Ontarians believe careers will change significantly over the next 25 years. However, only 18 per cent said they believe kids are being properly prepared for future careers, while 59 per cent said they are not.
The study comes as many young professionals face barriers in getting a job, as AI tools flood the market, and desired skills and hiring processes significantly change. For those aged 15 to 24 years old, the unemployment rate reached 12.6 per cent in July, after hitting a high of 14.3 per cent in April.
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Although 2050 might seem far away, Embark CEO Andrew Lo tells Now Toronto it’s important for parents to start thinking about their kids’ post-secondary education as soon as possible, so that they can have options in the future, especially as career paths and interests might change throughout the years.
“Who knows what careers they’re going to have in the future? Not necessarily just [in] 2050, but 10 years from now, [or]15, 20 years from now, who knows?” Lo said.
“Having the savings, being ready for whatever options or whatever dreams your kids might have, is probably the most important thing you can do, and it’s the best defense against AI taking away your job.”
Many worry about AI taking the future generation’s jobs
On top of worrying about preparing their kids for the future, the Embark study revealed many parents might be concerned about how AI will impact their children’s future careers.
According to the study, 84 per cent of Ontarians are concerned that AI is making post-secondary degrees less valuable, while 67 per cent of them are skeptical that the technology will help create jobs.
When it comes to education, 26 per cent of Ontarians expect AI to have the most impact on assessment, grading and testing, while 25 per cent believe it might alter the value of a degree.
How parents can prepare for AI, new careers
Whether it’s AI, other emerging tools, or even innovative career paths, Lo said it’s important that parents keep pushing their kids to be curious and keep learning new things.
As AI continues to become a big part of the evolving professional landscape, the expert said it’s important that children have the skills to learn these tools.
“Studying AI and [its] impact, you’ll see that there is job growth in the area of not just purely AI and data science, obviously, but also in the governance and the ethics surrounding AI, and then…in the areas of energy, biotech, and much more,” he said.
“Learning about AI could open your minds up to all of those different types of fields in the future.”
Parents, kids exploring alternative education paths
For the longest time, a post-secondary degree was viewed as the golden ticket to a great career in multiple fields. However, the strategy appears to be shifting.
According to the Embark survey, only 37 per cent of respondents still view university education as the best career path, while 50 per cent are starting to look into trades as the strongest route moving forward.
“There is a belief that AI is not going to take away the job from trades at the current moment, but… university or the professional type of degree [is] close behind. This is the first time we’re seeing trades surpassing university in terms of popularity,” Lo said.
“Canada is in kind of a build mode. We’re building a lot of infrastructure from housing to improved healthcare and so on, and so those all need jobs in the trades.”
However, the expert said changing career paths and the emergence of new technologies don’t necessarily mean that university and college degrees will completely lose their value. For that reason, Lo said it’s important for parents to prepare for any career paths that can lead their kids to success.
“I think post-secondary education will remain important, and post-secondary is broad. It includes university, but also includes colleges and community colleges, and it includes trade school,” he said.
“I would say saving for choice is the best defense against the uncertainty around the future of work, and your kids might want to go to trade school or college or university, right? So having the options available is going to be really, really important.”
In general, the expert recommends parents save through the Registered Education Savings Program (RESP), and encourage their children to learn about new tools and consider different career options.
“I want to tell [my children] that the world is your oyster and that you have a lot of options, and that our savings are going towards whatever option you think would be the right path for you.”
