Artificial intelligence could cost us our jobs, writes Peter Watson.
The question for many is when will artificial intelligence take our job.
The world is changing at a pace that none of us could have imagined even months ago. There is risk to us all.
This change will affect our ability to earn an income. How will we support our family?
Artificial intelligence continues to take giant leaps forward. As a result, some of the most highly touted leaders in the tech industry recently published a letter asking for a six-month-hold on future artificial intelligence developments.
The timeout was needed to estimate the implication technology will have on society and figure out how this technological innovation should be managed.
As soon as companies can implement new and better ways of serving their customers, workers that are no longer essential to its operations will be let go. Some worker skills might be portable, some will not.
As an example, tech workers now compete with machines that can do their jobs. Major tech firms have had massive layoffs during the last several months.
Canadians will still need to purchase goods and services but how that is done will change. There will be major disruptions in how we live.
Look how Uber changed an industry by using technology to link passengers with a driver. Suddenly conventional taxi companies saw their market evaporate.
Future change could mean that the Uber driver will be replaced with a self-diving car. Then truck driving could be done by a machine.
Jobs will disappear, unemployment will soar. Governments around the world will have to consider some sort of universal basic income.
The job market will change drastically in the next few years. It is not a matter of if, it is a matter of when.
The challenge is to anticipate how that might affect your ability to work and earn an income.
Peter Watson, of Watson Investments MBA, CFP®, R.F.P., CIM®, FCSI offers a weekly financial planning column, Dollars & Sense. He can be contacted through www.watsoninvestments.com
