Please write a short response to each of the paragraphs below: 1. I think that t
ID: 354444 • Letter: P
Question
Please write a short response to each of the paragraphs below:
1.
I think that the major economic challenge is the advance of technology. Companies are getting more technology based everyday making it difficult for people to not only adapt but learn and keep up with the upgrades. Customer service is turning into an automated operator or they ask you to go through multiple steps online. Also, a lot of jobs are getting replaced by a computer as technology is only getting better at having everything done over a program/computer. I think that our generation lacks on saving for the future. Some of our generation gets obsessed with what they see on social media, so they try to live that lifestyle leading them to forget to save for the future. Saving for retirement and the future is very important and is something that gets forgotten or overlooked when you’re young.
2. A major economic challenge I see today with my generation is the ability to save money. Working in a bank I see people that are my age that just doesn’t understand or are not thinking about long-term situations. I feel starting my 401K at 21 was a vital decision for my future. I currently work with someone that says almost every day that she wishes she would have started sooner than she did because she would be better off at this point and she is almost ready to retire. In addition to not saving The Center for American Progress says that “the combination of declining incomes, growing debt, and high cost of education, homeownership, and healthcare are conspiring to make this generation the first to not surpass the living standards of their parents.” The honest way of putting this is that my generation is not bringing in enough money to cover basic expenses like healthcare. Another concern or challenge is that technology is taking over. Many things that required manpower in the past is becoming more automated causing a reduction in jobs. With that said it creates jobs in the technology industry, but you most likely have to have a degree to be able to have those types of jobs. It seems like it is going to be a vicious cycle.
3. The biggest issue I see with my generation is the fact that no one is planning for the future instead everyone is focused on fast money. In my household even though my mother and father planned for their retirement I was not taught the importance of saving and focusing for the future, until recently I was just living in the moment. Now that I have reached an age where I should be settled in life I am instead just learning the value of a dollar. So focused on all of the new gadgets and the hottest new trends instead of putting money into the savings for those rainy days. Technology is also a hindrance I believe, its a distraction and in the end is going to replace those of us who have no real training and skills. While everyone is seeking the next get rich quick scheme no one is thinking of having a career. My generation has become lazy so to speak no one is willing to commit to anything anymore, instead always looking for a way out or a helping hand.
Explanation / Answer
1. The primary issue today is that advancement of technology has actually affected the economy because of the fast paced growth and this has made the generation ignorant about their future. The like the present but the future is what they do not plan for and it is actually not ready to accept and deal with it. technology has made things convenient to a certain level but also has made the number of manual jobs less so the generation needs to be aware of the situation and understand that this is something they need to be prepared for.
2. Technology plays a very important role and that is the reason the generation is unable to make required amount of money to cover up basic expenses and that is the reason they will have an uncertain future because of the high inflation that is visible. I believe that people should plan effectively for their future from a very young age so that they can maintain the living standards that the previous generation has lived up to.
3. fast money is the new trend and it has actually toppled security and planning for the future and even here technology plays an important role because they have made individuals focus on the present only and that has actually been negative. Individuals invest more on gadgets and technologies today rather on future which is actually not justified.