Explore the critical considerations of AI's impact on job security in the context of mortgage decisions. As technology evolves, assessing the stability of your career path becomes crucial. Learn how automation challenges traditional roles but also opens doors for new skills and opportunities.
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“With house prices at record highs and escalating interest rates, it’s crucial to consider the long-term implications of committing to a 30-year mortgage. Have you contemplated the possibility of losing your job to AI advancements in the next few years? The pace at which AI is evolving is remarkable, and it’s increasingly likely that professions such as software development, accounting, graphic design, and other office-based roles might be automated. Even manual labor jobs in agriculture and manufacturing are at risk. The future may even bring robotic chefs in fast food restaurants, potentially eliminating human roles. We’re living in an era of rapid technological change; just two decades ago, we were using bulky Windows XP computers, and now we’re engaging in conversations with AI entities.”
(Original question on Reddit)
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I completely understand the concern about the impact of AI on job security. It’s a valid point to consider, especially with the rapid advancements in technology. The potential for automation and AI to replace certain job functions is indeed a reality across various industries.
In terms of the mortgage decision, thinking about job security is a prudent move. Considering the evolution of AI and its potential impact on various professions, it might be beneficial to evaluate the stability and long-term prospects of the career path you’re in or planning to pursue. Assessing how likely your job is to be affected by automation could influence your decision on committing to a long-term financial obligation like a 30-year mortgage.
However, while automation and AI advancements do pose challenges to job landscapes, they also create opportunities for new roles and skills. Embracing this change might involve upskilling or shifting career focus towards areas less susceptible to automation. The future might demand skills that complement AI or involve tasks that require human creativity, emotional intelligence, and adaptability—areas where AI currently falls short.
It’s also worth noting that the full extent and timeline of AI’s impact on various professions might vary. Some sectors might face rapid change, while others might adapt more gradually. Evaluating the specific trends within your field could offer a clearer perspective on how AI might affect your job.
Ultimately, while considering the potential impact of AI on job security is essential, it’s equally important to remain adaptable and open to acquiring new skills or exploring career paths that align with the evolving technological landscape.
Hope this helps.
Regards, Clive Fernandes (Financial Adviser)
Director – National Capital
Disclosure: I am the director of National Capital, a KiwiSaver advice firm. The views expressed in this article are the views of the author. The information provided is of a general nature and is not intended to be personalised financial advice. You may seek appropriate financial advice from a Financial Adviser to suit your individual circumstances or contact National Capital.
