Twenty-five years ago, people in the know predicted that we would work at five different careers before we retired. They were short on specifics, but their model left no doubt that people would have to re-educate themselves to qualify for those new careers. They didn’t mention the part about bills to pay and mouths to feed.
The future they predicted is here, but with a twist. Twenty-five years ago, university was a lot more affordable than it is now. Incomes were more predictable and more secure. So were pensions.
The mounting cost of sending children to university is becoming more and more painful for more and more families. Which makes RBC Future Launch’s candor so refreshing and so necessary:
“Canada’s youth are set up to fail in the new economy. In fact, today’s generation is at risk of ending up poorer than their parents.1 Failing to close the gap in unemployment rates between Canadian youth and people of prime-working age would mean missing out on a nearly $30B lift to our economy.2 Young people deserve a chance, and that’s why we created Future Launch. If youth fail, we all fail.
“In the coming decade, half of all jobs will be disrupted by technology and automation. Some will change dramatically. Others will disappear completely, replaced by jobs that are yet to be invented. We are living through an era of radical change, with the latest advancements in artificial intelligence and automation transforming the way we work, even in unexpected fields such as law and customer service.”
What RBC proposes is commendable. But its target market is university students and graduates who’ve already put their money down. Many of them may already have limited their employment and career options. They invested in a future relationship with an employer in a context called the labour market inside another context called an economy. They understood little or nothing about either.
What they chose to study was up to them. What the labour market and the economy will have to say about that will be up to someone else. We don’t teach our children that. RBC is proposing a cure to a problem that already exists. Kudos to them. But we need something concrete to prevent the problem in the first place. Personal Due Diligence is that something.
We’re told that the more graduates we produce, the more graduates we’re going to need. But parents and their children need to know where the jobs will be before their first tuition cheque comes due. Our governments are showing no signs of preparing lists with timetables of occupations that have been earmarked for disruption or obsolescence, let alone notes about how it’s going to happen and when. That’s something families will have to do on their own because once size does not fit all.
While we’re at it, we may want to pay special attention to what it’s costing financially, physically and emotionally to send our children there. ‘Hunger And Homelessness Are Widespread Among College Students, Study Finds’ is the title of a National Public Radio report about a survey done by Temple University in Philadelphia and the Wisconsin HOPE Lab in Madison.
We can’t hope our way to a solution. We have to build one. In an address on September 3, 2008, former New York Mayor Rudy Giuliani said, “Change is not a destination, just as hope is not a strategy.”
On January 23, 2009, CBS NEWS posted an open letter to President Barack Obama from Dr. Benjamin Ola Akande. Dr. Akande is an economist, scholar and Dean of the Business School at Webster University in St. Louis, Missouri. The title of his letter was ‘Hope Is Not A Strategy.’ You can find the full text by clicking here. This is an excerpt:
“Yet, the fact remains that hope will not reduce housing foreclosures. Hope does not stop a recession. Hope cannot create jobs. Hope will not prevent catastrophic failures of banks. Hope is not a strategy.”
Our youth must win so that we all can win. That’s why Personal Due Diligence exists.
Founder & President
Personal Due Diligence