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Preparing students for the rise of a Passion Economy – Macleans.ca

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Schools are preparing students with the skills they’ll need to succeed in the world of freelance, consulting and entrepreneurship

Special Advertising Feature: Private School Guide Fall 2021 

Though economists have been discussing the rise of precarious work for years, nothing could have possibly prepared them for a global pandemic. Eighteen months later, as the economy slowly reopens, experts are beginning to see and imagine what a post-COVID economy might look like. “I don’t have a crystal ball, unfortunately,” admits University of Toronto economy professor Elizabeth Dhuey, though the specialist in the economics of education can make a very educated guess. “Fair to say there will be a whole lot of job shuffling in the near future. People are moving out of traditional jobs and into consulting or independent careers.”

Fewer people are being drawn to the 9-to-5 office job, says Dhuey. This was true of millennials and Gen X, but even more so of Gen Z and beyond, whose job expectations continue to climb ever higher. “People do want to make money, of course, but they’re looking for more than a paycheque,” says Richard Lachman, director of the RTA School of Media at Ryerson University. “Nobody is willing to make work their whole identity if it doesn’t give back some meaning and make you feel good about their life and values.”

Another name for that? The Passion Economy, and even without a crystal ball, a quick look in a history textbook would show a push to passion is definitely coming up next. “After any hardship, there’s a renaissance period and a desire for creativity, happiness and fulfillment,” says Cheryl Cran, future of work expert in Vancouver. “People are inspired to re-evaluate their lives, change their work and follow their passions.”

For many, finding and following your passion involves freelancing, consulting or starting your own business. In the before-times, this was a risk usually taken only after years of on-the-job experience. Today, we can teach the same skills to the greenest of budding entrepreneurs. “We developed Branksome Hall’s Noodle student accelerator program—the first of its kind at the high-school level,” says Katie Gillespie, associate director of marketing at Branksome Hall. Participants from Grades 7 to 12 complete a 38-week intensive entrepreneurship program culminating in a final pitch to experts and judges, and the winner enjoys a grand prize of $10,000 in seed funding for their idea.

Seeing this explosion of the passion-driven economy unfold in real time, many Canadian schools are preparing secondary students with the skills they’ll need to succeed. “Self-actualization, intrinsic motivation and general problem-solving skills are central to our overall approach to teaching and learning,” says principal Graham Vogt at Rosseau Lake College. “Students are increasingly and intentionally exposed to meaningful challenges and disruption. We ensure our students are comfortable being uncomfortable and familiar with the unfamiliar.” It’s a sentiment also seen at The Bishop Strachan School: “Students are prepared to handle situations that have unpredictable outcomes,” says junior school principal Catherine Hant, whose educators therefore teach “tools to problem-solve, build relationships and master communication skills—all with an emphasis on listening.”

Also as the co-director of FutureSkills Canada, Dhuey would approve. “We want to learn the best way to educate people for the future world of work—even when we don’t know what the future looks like,” she says. “The evidence shows us that creativity and problem-solving are the skills we should focus on because whatever happens, we’re going to need those.”

A generation of children and youth spent eighteen months, by necessity, working on those skills exactly. And for all parents’ gripes about remote learning, there are positives to be found. “Lots of kids are coming out of the pandemic very resilient and with intrinsic motivation to work efficiently and independently,” says Dhuey. All those frustrated Zoom hours have given kids superior tech skills to take wherever they go, which could be anywhere. “They’re not tied to geography anymore, which means more opportunities, and all these tools that were niche are now widespread and mainstream.”

Students are so good at technology and remote work, notes The York School director David Hanna, that they’re actually teaching the teachers a thing or two. “They’re so fearless with technology and pushing the limits to what tech as a tool can do for them.” The very first thing to get going on a passionate career where you get to be your boss? “If I were 17 and graduating today, I’d start with a one-page website with my photo and my goals and vision for the future of work in the world,” says Cran. “In 2021, it’s all about showing what excites you and what you have to offer the world.”

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Economy

Canada’s unemployment rate holds steady at 6.5% in October, economy adds 15,000 jobs

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OTTAWA – Canada’s unemployment rate held steady at 6.5 per cent last month as hiring remained weak across the economy.

Statistics Canada’s labour force survey on Friday said employment rose by a modest 15,000 jobs in October.

Business, building and support services saw the largest gain in employment.

Meanwhile, finance, insurance, real estate, rental and leasing experienced the largest decline.

Many economists see weakness in the job market continuing in the short term, before the Bank of Canada’s interest rate cuts spark a rebound in economic growth next year.

Despite ongoing softness in the labour market, however, strong wage growth has raged on in Canada. Average hourly wages in October grew 4.9 per cent from a year ago, reaching $35.76.

Friday’s report also shed some light on the financial health of households.

According to the agency, 28.8 per cent of Canadians aged 15 or older were living in a household that had difficulty meeting financial needs – like food and housing – in the previous four weeks.

That was down from 33.1 per cent in October 2023 and 35.5 per cent in October 2022, but still above the 20.4 per cent figure recorded in October 2020.

People living in a rented home were more likely to report difficulty meeting financial needs, with nearly four in 10 reporting that was the case.

That compares with just under a quarter of those living in an owned home by a household member.

Immigrants were also more likely to report facing financial strain last month, with about four out of 10 immigrants who landed in the last year doing so.

That compares with about three in 10 more established immigrants and one in four of people born in Canada.

This report by The Canadian Press was first published Nov. 8, 2024.

The Canadian Press. All rights reserved.

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Economy

Health-care spending expected to outpace economy and reach $372 billion in 2024: CIHI

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The Canadian Institute for Health Information says health-care spending in Canada is projected to reach a new high in 2024.

The annual report released Thursday says total health spending is expected to hit $372 billion, or $9,054 per Canadian.

CIHI’s national analysis predicts expenditures will rise by 5.7 per cent in 2024, compared to 4.5 per cent in 2023 and 1.7 per cent in 2022.

This year’s health spending is estimated to represent 12.4 per cent of Canada’s gross domestic product. Excluding two years of the pandemic, it would be the highest ratio in the country’s history.

While it’s not unusual for health expenditures to outpace economic growth, the report says this could be the case for the next several years due to Canada’s growing population and its aging demographic.

Canada’s per capita spending on health care in 2022 was among the highest in the world, but still less than countries such as the United States and Sweden.

The report notes that the Canadian dental and pharmacare plans could push health-care spending even further as more people who previously couldn’t afford these services start using them.

This report by The Canadian Press was first published Nov. 7, 2024.

Canadian Press health coverage receives support through a partnership with the Canadian Medical Association. CP is solely responsible for this content.

The Canadian Press. All rights reserved.

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Trump’s victory sparks concerns over ripple effect on Canadian economy

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As Canadians wake up to news that Donald Trump will return to the White House, the president-elect’s protectionist stance is casting a spotlight on what effect his second term will have on Canada-U.S. economic ties.

Some Canadian business leaders have expressed worry over Trump’s promise to introduce a universal 10 per cent tariff on all American imports.

A Canadian Chamber of Commerce report released last month suggested those tariffs would shrink the Canadian economy, resulting in around $30 billion per year in economic costs.

More than 77 per cent of Canadian exports go to the U.S.

Canada’s manufacturing sector faces the biggest risk should Trump push forward on imposing broad tariffs, said Canadian Manufacturers and Exporters president and CEO Dennis Darby. He said the sector is the “most trade-exposed” within Canada.

“It’s in the U.S.’s best interest, it’s in our best interest, but most importantly for consumers across North America, that we’re able to trade goods, materials, ingredients, as we have under the trade agreements,” Darby said in an interview.

“It’s a more complex or complicated outcome than it would have been with the Democrats, but we’ve had to deal with this before and we’re going to do our best to deal with it again.”

American economists have also warned Trump’s plan could cause inflation and possibly a recession, which could have ripple effects in Canada.

It’s consumers who will ultimately feel the burden of any inflationary effect caused by broad tariffs, said Darby.

“A tariff tends to raise costs, and it ultimately raises prices, so that’s something that we have to be prepared for,” he said.

“It could tilt production mandates. A tariff makes goods more expensive, but on the same token, it also will make inputs for the U.S. more expensive.”

A report last month by TD economist Marc Ercolao said research shows a full-scale implementation of Trump’s tariff plan could lead to a near-five per cent reduction in Canadian export volumes to the U.S. by early-2027, relative to current baseline forecasts.

Retaliation by Canada would also increase costs for domestic producers, and push import volumes lower in the process.

“Slowing import activity mitigates some of the negative net trade impact on total GDP enough to avoid a technical recession, but still produces a period of extended stagnation through 2025 and 2026,” Ercolao said.

Since the Canada-United States-Mexico Agreement came into effect in 2020, trade between Canada and the U.S. has surged by 46 per cent, according to the Toronto Region Board of Trade.

With that deal is up for review in 2026, Canadian Chamber of Commerce president and CEO Candace Laing said the Canadian government “must collaborate effectively with the Trump administration to preserve and strengthen our bilateral economic partnership.”

“With an impressive $3.6 billion in daily trade, Canada and the United States are each other’s closest international partners. The secure and efficient flow of goods and people across our border … remains essential for the economies of both countries,” she said in a statement.

“By resisting tariffs and trade barriers that will only raise prices and hurt consumers in both countries, Canada and the United States can strengthen resilient cross-border supply chains that enhance our shared economic security.”

This report by The Canadian Press was first published Nov. 6, 2024.

The Canadian Press. All rights reserved.

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