From Economist:

Answer: Meh (or about average for OECD countries with about 33% of adults classified in the “High” category).

This Economist article focused on the need for retraining of low-skilled workers as the pace of automation accelerates and many of their jobs go the way of the buggy whip. As for how to accomplish this, Singapore has a promising example:

But it is Singapore that can lay claim to the most joined-up approach with its SkillsFuture initiative. Employers in the city-state are asked to spell out the changes, industry by industry, that they expect to happen over the next three to five years, and to identify the skills they will need. Their answers are used to create “industry transformation maps” designed to guide individuals on where to head.

Since January 2016 every Singaporean above the age of 25 has been given a S$500 ($345) credit that can be freely used to pay for any training courses provided by 500 approved providers, including universities and MOOCs. Generous subsidies, of up to 90% for Singaporeans aged 40 and over, are available on top of this credit. The programme currently has a budget of S$600m a year, which is due to rise to S$1 billion within three years. According to Ng Cher Pong, SkillsFuture’s chief executive, the returns on that spending matter less than changing the mindset around continuous reskilling.

We better develop the zeal for lifelong learning and instill it in our students!

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Here are some NGPF spreadsheet activities to improve those problem solving skills!

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.

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