• Register
Return to: Home > News > Education > Young workers are at risk of automation

Young workers are at risk of automation

Young workers are facing increasing challenges in the rise of automation as 30% of jobs in the financial and insurance industry is expected to become automated by 2030’s, according to the PwC Young Workers Index 2017 report.

The Index compared levels of participation in employment, education and training of 16-24 year olds across 34 OECD countries, and predicted that new technologies will create jobs as well as boost productivity and wealth. A potential of USD $1.2tr could be brought to OECD economies in the long term by improving young workers’ skills, enrolment in education and job opportunities, according to the report.

The top ranked OECD countries in the Index were firstly Switzerland, followed by Iceland and then Germany in terms of range of employment, education and training indicators. The USA in particular had the highest overall automation risk (39%), followed by Germany (38%) and Italy (37%), countries with the lowest risk were Japan (24%) and Korea (26%). The findings mentioned that workers with strong science, technology, engineering, and maths skills should be less at risk but demand for these skills is rising fast, leading to a skills gap.

PwC UK chief economist John Hawksworth said: “Automation through technologies like artificial inteligence and robotics will boost productivity and wealth, and so create many new opportunities for young people with the right skills. A focus on providing young people with the right education and vocational training will be critical to preparing them for the more automated workplace of the future.”

The Index can be found here.

Top Content

    Choosing the right location can have cast-iron benefits

    As Game of Thrones, one of the biggest television shows of all time, comes to an end, Joe Pickard looks at how tax incentives offered to television and film production companies help the wider economy.

    read more

    Primary financial statements: a game changer in reporting?

    International Accounting Standards Board chair Hans Hoogervorst delivered a speech at the Seminario International sobre NIIF y NIF, organised by the Consejo Mexicano de Normas de Información Financiera in Mexico. The Accountant presents the highlights.

    read more

    FASB readies standards for the netflix generation

    The US Financial Accounting Standards Board (FASB) has updated its accounting standard for entertainment, with a specific eye on keeping up to date with how episodic content, such as television programmes, is consumed in the modern world. Jonathan Minter reports.

    read more

    Brexit: why it takes two to tango

    Former TA editor Vincent Huck, now editor of Insurance Asset Risk, looks at why Brexit might unleash geopolitical intrigue in Europe’s accounting standard-setting scene – and why IFRS 17 will be an incredible source of opportunity for firms in the coming years.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.