How to Prepare Our Kids for the Massive Tech Shift Underway

Three trends dramatically reshaping their future

As a Dad invested in the future well-being of my six kids, I confess that I am struggling to keep up with the blistering pace of technological advancement.

This sentiment represents a humble admission for a guy who considers himself an early adopter of new technologies.

I grew up playing the latest video game consoles, was surfing the internet long before YouTube videos arrived, and eagerly embraced the wonders of each new iteration of the smartphone since the early 2000s.

As part of my career journey, I gained exposure to technology in jobs that had me selling computer chips and financial planning software. I was part of a team that was one of the first to bring internet banking to our region of the world.

I guess what I am trying to articulate is that I have never been afraid of technology.

Of late though, I feel like I am working overtime to keep up with where the world of technological innovation is going and the implications for my kids.

Technology is constantly reshaping the future for my kids

The one constant in my life has been the way technology continually reshapes the world.

Live television has yielded to on-demand streaming. Gas-guzzling muscle cars don’t move off the block as fast as the new electric ones. The R/C toys I played with are definitely not as fascinating as the video-equipped drones available to consumers.

Corporations that were influential when I was young (ie Blockbuster, Compaq) are extinct because they could not keep up with innovation.

“Neither RedBox nor Netflix are even on the radar screen in terms of competition,” -Blockbuster CEO Jim Keyes

Writing paper checks or depositing them in a physical banking location is unnecessary due to the banking app on my iPhone.

Years ago I had to execute stock trades over the phone with a broker. Today, multiple apps on my phone give me immediate access to stock exchanges all over the world.

With the power of technology growing exponentially, what kinds of colossal shifts will my kids experience? Will I have done my job as a parent to prepare them?

Part of my job as a parent is to help my kids navigate this ever-shifting landscape. There are three trends I see emerging.

“Technology is neither good nor bad; nor is it neutral.” -Melvin Kranzberg

Trend #1: Technology is constantly learning how to influence my kids

The artificial intelligence (AI) engines used to power Google, TikTok, Instagram, Netflix, and numerous other platforms are constantly tracking and collecting data on the online behavior of your kids.

This “Big Data” is funneled into algorithms to learn user preferences and to suggest new content in order to keep our kids engaged in repetitive scrolling. As soon as one video finishes, there is a carefully curated video to follow. The technology is designed to nurture addictive habits.

You can imagine why advertisers love AI and why big tech companies work so hard to satisfy advertisers. The revenue upside for big tech companies is enormous.

The volume of data gathered on us and used to generate advertising revenues is something that should be on the radar of every parent.

Emerging studies are looking at the link between social media usage and an increase in teen depression and suicide.

What all of us have to do is to make sure we are using AI in a way that is for the benefit of humanity, not to the detriment of humanity. -Tim Cook, CEO, Apple

One of the ways I have tried to help my kids understand how AI is built to influence them is by watching the Netflix documentary The Social Dilemma together.

Trend #2: Technological automation is changing career options for my kids

Many of the jobs available to humans today were not even imaginable 20 or 30 years ago. I expect the same to be true when my kids are coaching my grandkids in the future.

There has been much speculation about the prospect that AI and robotics might render our kids unemployable in the future. I tend to see the ways in which technology augments human productivity instead of replacing it. Only time will tell.

Currently demonstrated technologies could automate 45 percent of the activities people are paid to perform and that about 60 percent of all occupations could see 30 percent or more of their constituent activities automated. -Industry analysis by McKinsey

As the Head of School at a liberal-arts-focused, classical school, I believe strongly in the role of the humanities in cultivating virtuous human beings. At the same time, I can’t allow my kids to be naive about their future career prospects.

I constantly encourage my kids to invest in skills that will be marketable. Three of my older kids took my personal finance class at school where they learned spreadsheets, financial formulas, and how to navigate the stock market. My oldest son leveraged these skills in early internships that gave him a serious head start.

At home, I encourage my kids to learn how to do basic graphic design and how to create simple websites. My 15-year old daughter recently started creating websites for small businesses.

In the last year, I have been talking extensively with my kids about the risk of cyberattacks. They are learning that technology can be used for both good and evil. My 19-year old daughter recently decided to change her college major to cybersecurity due to this influence.

While I can’t predict exactly where technology will go, I can encourage my kids to see the opportunities that might emerge for them by developing skills.

Trend #3: Technology has the potential to decentralize power structures that could affect my kids

Perhaps the biggest learning curve for me has been understanding the technologies that are being created to challenge current power structures.

It will not come as a surprise that people are growing increasingly distrusting of large financial institutions and governments that represent our current power structures.

You might recall earlier this year when a group of smaller investors rallied on a Reddit forum in a massive stick-it-to-the-man strategy. These investors, irritated by large hedge funds profiting off of the demise of GameStop, banded together to cause billions of dollars of losses for a handful of large hedge funds.

Emerging technologies such as blockchain have given rise to Bitcoin and other cryptocurrencies that should not be quickly ignored. Their goal is to work around existing financial intermediaries by decentralizing financial transactions. 

Derek Lim has a helpful set of articles that explain blockchain.

Suffice it to say, financial institutions, governments, and their central banks are paying attention.

Blockchain technology isn’t just a more efficient way to settle securities. It will fundamentally change market structures, and maybe even the architecture of the Internet itself. -Abigail Johnson, CEO, Fidelity Investments

Cryptocurrencies will soon be targeted for regulation across the world. Central banks cannot afford for these new currencies to supplant their national currencies without seriously limiting the effect of current monetary policies.

As a parent, I am making sure that my kids develop an understanding of how technologies like blockchain and cryptocurrency might impact their own personal finances in the future.

I have never hidden our personal finances from my kids, but regularly show them how I manage the household finances. This includes regularly showing them my own investment portfolio and teaching them my investment strategy which includes cryptocurrencies.

Once my kids are able to obtain jobs, I make a deal with them: I cover certain expenses for them in exchange for their earnings being funneled into their college 529 accounts. I use these accounts to teach them about how to grow their funds through basic mutual fund investments.

My 21-year old son is majoring in economics which makes our conversations stimulating. I have helped him set up additional investment accounts, including one where he invests small amounts in cryptocurrencies. We both understand that these investments are highly speculative.

I am not yet sure what impact these decentralizing financial technologies will have, but I definitely don’t want my kids to be caught off guard by the tug-of-war that could ensue.

Cryptocurrencies are not likely going away. Given the flow of enormous dollars going into crypto, I can’t imagine governments or central banks continuing to allow the lack of regulation to continue.

I just don’t know where this battle will lead. It behooves me as a Dad to pay attention for my kids.

What will my kids need to navigate these tectonic shifts?

I am doing my best as a Dad to equip my kids with knowledge, skills, and wisdom to prepare them for the massive tech shift underway.

Knowledge because they need awareness and understanding of the technologies that are shaping their future. I can’t afford for them to be ignorant about where the world is headed.

This means I have to do all I can to stay on top of learning what I can about emerging technologies.

Skills because the demands of the market are always evolving. I don’t want my sons or daughters to find themselves unemployed or under-compensated because they possessed last century skills in the 21st century. There are new technological competencies that can be acquired before they even leave high school. These could be a game-changer for their future.

I have to make choices about where I encourage my kids to spend their time and energy. Any parent knows that striking this balance is not always easy.

Wisdom because technology is not necessarily neutral. Smartphones and social media can be addictive and can lead to negative health outcomes. These tools also have the potential for good and for creating convenience and efficiency in our lives.

How should they incorporate tech into their lives? This requires wisdom.

Train children in the right way, and when old, they will not stray. -Proverbs 22:6, NRSV

I know too well the risks of allowing a smartphone to distract me from what is most precious to me: my family. My desire for my kids is that they grow to be loving, attentive, emotionally intelligent adults. I need to make sure they don’t allow technology to master them.

As a parent, I have to use wisdom about when to introduce particular technologies to my kids. Putting a smartphone in the hand of a child without any guidance or oversight is tremendously risky.

My six kids range from ages 8 to 21. I can unequivocally state that my youngest boys, ages 8 and 10, do not have smartphones. My four older kids receive extensive coaching from me and my wife about social media and what it means to be a good digital citizen.

Where things are going next, I don’t know and can’t even begin to predict. Technology moves at such a fast pace that to ignore it for periods of time is to risk quickly being out of touch.

It might be a struggle to keep up with the massive tech shift underway, but as a Dad concerned about the well-being of my six kids, I can’t afford to fall asleep at the wheel.