VIDEO As young Canadians prepare for an ever-changing and complex job market, many are looking beyond the classroom to hone their skills.
Two thirds of Canadian students are pursuing learning or skills development outside of their formal education, with the goal of improving their salary potential and job prospects, according to a recent report from the Canadian Imperial Bank of Commerce (CIBC).
To boost their skills away from their textbooks, 30 per cent of students have added online courses outside of their school programs, while another 30 per cent are working on side projects and 20 per cent are seeking professional certifications.
“Students are thinking more holistically about their future, combining education and career preparation with a growing focus on financial wellbeing,” Carissa Lucreziano, CIBC’s vice-president of financial planning and advice, said in a news release. “Alongside their education, they are looking for practical ways to build skills that can support their career ambitions and long-term financial goals.”
This comes as Canada’s unemployment rate appears to be stabilizing. Unemployment shrank to 6.4 per cent in July, the third consecutive decrease and its lowest level in two years.
Still, the elephant in the room of Canada’s job market, especially for students, is the prevalence of artificial intelligence and how it can make a job search harder.
Those looking for work in industries highly exposed to AI – receptionists, travel agents and data entry clerks, among others – are finding it hard to land a job, according to a recent report from the Bank of Canada.
The central bank cautions that its findings are only early signals and not evidence that AI alone is to blame for changes in the labour market.
Young workers are at particular risk, as 36.1 per cent of Canadians aged 15 to 24 employed in areas with high exposure to AI, compared to 21.4 per cent of workers aged 25 to 54 and 25.9 per cent of workers aged 55 and over.
“Several occupations that employ many young workers have moderate to high AI exposure, including customer service and sales support,” the report states. “Overall, this suggests that young workers may face higher AI‑related labour market risks than older workers.”
In response to the AI upheaval, the CIBC report indicates that 16 per cent of students are already taking AI-related training outside the classroom.
Sign up here to get Posthaste delivered straight to your inbox.
The trade war ramped up Tuesday when the Canadian government retaliated against U.S. tariffs with dollar-for-dollar counter-tariffs on an estimated $27.6 billion of goods imported from the United States.
The measures were in response to the U.S. issuing a new round of levies after trade negotiations fell apart last week.
“This is an unprecedented challenge imposed on Canada, but Canada will meet the moment, Canadians will meet the moment,” Finance Minister François-Philippe Champagne said at a news conference announcing the counter-tariffs, which are set to take effect Sept. 8.
The Canadian levies impact a range of U.S. products, including video game consoles, fish, cheese, beauty supplies and clothing.
Read more here.
Earnings: NVIDIA Corp., CrowdStrike Holdings Inc., Salesforce Inc., Trip.com Group Ltd.
When it comes to home renovations, sometimes a full teardown is better than a series of patchwork repairs. The same goes for Canada’s tax system. Financial Post columnist Kim Moody argues that it’s in need of a full rebuild, not a series of small changes meant to tackle the issue “one bite at a time.” Read more
Sign up here.
Are you worried about having enough for retirement? Do you need to adjust your portfolio? Are you starting out or making a change and wondering how to build wealth? Are you trying to make ends meet? Drop us a line at [email protected] with your contact info and the gist of your problem and we’ll find some experts to help you out while writing a Family Finance story about it (we’ll keep your name out of it, of course). McLister on mortgages Want to learn more about mortgages? Mortgage strategist Robert McLister’s Financial Post column can help navigate the complex sector, from the latest trends to financing opportunities you won’t want to miss. Plus check his mortgage rate page for Canada’s lowest national mortgage rates, updated daily.
Financial Post on YouTube Visit the Financial Post’s YouTube channel for interviews with Canada’s leading experts in business, economics, housing, the energy sector and more.
Today’s Posthaste was written by Ben Cousins with additional reporting from Financial Post staff and Bloomberg.
Have a story idea, pitch, embargoed report, or a suggestion for this newsletter? Email us at [email protected]
Bookmark our website and support our journalism: Don’t miss the business news you need to know — add financialpost.com to your bookmarks and sign up for our newsletters here
