Renowned economist Gary Shilling warns that Gen Z faces a harsher financial reality than previous generations, as AI disrupts jobs and makes wealth harder to achieve.
Gen Z Faces Job Losses As AI Reshapes The Economy
Gary Shilling, famous for predicting the dot-com and housing bubbles, told Business Insider that Gen Z will need to work harder and adapt quickly to survive in the AI era.
"Young people are going to have to work a lot harder than they might think to succeed," Shilling said.
The 88-year-old economist, who founded A. Gary Shilling & Co., after leaving Merrill Lynch in 1978, cautioned that AI could displace workers, leaving some in low-paying jobs.
"It's probably a genuine concern that AI will leave people selling hamburgers on the corner," he said.
Hustle And Adaptability Are Key To Future Wealth
Shilling urged young people to pursue learning opportunities and focus on areas where they can add value and boost productivity.
"The world does not owe any of us a living," he added.
He also criticized the expectation that wealth comes easily, noting that it has fueled risky speculation in meme stocks and cryptocurrencies.
Experts Highlight AI Skills As Key For Gen Z Career Success
Companies and experts emphasized that mastering AI would be crucial for young workers navigating the evolving job market.
While prior experience was not required, employees would need to adopt AI tools on the job as the technology reshaped workflows.
Similarly, Kevin O'Leary argued that AI created higher-paying opportunities by automating repetitive tasks, citing its efficiency in his businesses.
Mark Cuban encouraged Gen Z to bridge the AI knowledge gap, advising them to customize AI models and leverage tools like OpenAI's Sora and Google's Veo, especially as small businesses often lack AI expertise.
Despite these opportunities, rising unemployment among Americans under 25 remained a concern.
Federal Reserve Chair Jerome Powell and economists from Goldman Sachs and UBS noted that hiring restraint and economic slowdown, not AI alone, were primary factors behind the challenges faced by young graduates and minorities in securing jobs.
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