Australia’s youth, despite being hardest hit by the COVID-19 pandemic, will prosper in a truly digital world, says a study by Oxford Economics.
However, experts warn that bridging the schooling gap in the short-term and a new approach to education will be needed to fully seize the benefits of the new digital economy.
The Oxford Economics study, co-commissioned by Snap and conducted across six countries including Australia, the United States, UK, France, Germany and the Netherlands, found that Generation Z (those born between 1995 and 2010) will benefit from the lasting changes to the ways we live, work and communicate brought about by COVID-19.
Gen Zers will become the engine of economic growth in Australia. The number of Gen Zs in work is forecasted to more than double to nearly five million by 2030.
Income (after tax) is expected to increase to almost $265 billion, a 500% increase on 2019 income. And it's this generations’ natural inclination towards technology and creativity which will help push the economy forward.
And jobs in the emerging field of augmented reality -- a market which is expected to see a ten-fold increase in value by 2023 -- are the kind of profession that will require this blend of tech skills and creativity.
Experts predict this fast-growing technology will be used across a wide variety of industries to streamline processes, reduce human error and support training, in the coming years.
Have something to say on this? Share your views in the comments section below. Or if you have a news story or tip-off, drop us a line at adnews@yaffa.com.au
Sign up to the AdNews newsletter, like us on Facebook or follow us on Twitter for breaking stories and campaigns throughout the day.