Summary
In a recent discussion on RNZ Sunday mornings with Jim Mora, financial commentator Frances Cook addressed various pressing topics in the money world, including the challenging employment market, mortgage rates, investment in artificial intelligence (AI), and even quirky budget hacks.
Cook highlighted the grim state of the job market, reporting a decline in employment confidence, with a significant 60% of people finding it difficult to secure work. Particularly in larger cities like Auckland and Wellington, the youth unemployment rate has seen a troubling spike. However, she noted that there are opportunities for job seekers, especially in specialized fields like automation, logistics, and engineering. Cook encouraged individuals to upskill, utilizing free online resources to enhance their qualifications and improve their employability.
Interestingly, despite a general perception of a tough job market, job advertisements in New Zealand have increased by 13% year on year, suggesting a shift in the types of roles available. While sectors such as hospitality and retail remain stagnant, areas requiring physical presence continue to flourish.
On the investment front, Cook observed a surge in interest in AI-related jobs, with mentions in job ads up by 143% over the past year. She advised job seekers to keep an eye on industry trends and adapt accordingly, particularly as AI continues to evolve.
Cook also shared startling findings from a study by fintech company Revolut, revealing that 61% of New Zealanders had made a purchase through social media recently, with 44% of them regretting the impulse buy. This phenomenon highlights the impact of marketing tactics designed to manipulate consumer behavior, particularly among younger generations.
Lastly, the discussion touched upon the stock market, with Cook indicating a potential investment boom in AI, similar to the dot-com bubble of the late 1990s. While she acknowledged the instability of such rapid growth, she also recognized the lasting necessity of technology in modern business.
In conclusion, Cook emphasized the importance of adaptability and continuous learning in today's economy, while also being wary of financial trends and consumer behaviors that could lead to poor decision-making. The conversation served as a reminder of the complexities of navigating the current economic landscape.
Show Notes
Frances Cook joins Jim Mora on RNZ Sunday Morning to cover the latest in money news, from why the job market feels so tough right now and where the work actually is, to the AI investment boom, social media spending traps and whether nicking the hotel soap counts as a financial strategy.
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