Artificial Intelligence - Poll: Majority expresses concern about consequences of AI
Artificial Intelligence (AI) is causing concern about job losses according to a survey. Forty-seven percent of the interviewees in Germany expect AI to reduce the number of jobs, as stated in a representative survey by insurance company Allianz Trade. Only thirty-five percent believed that more jobs would be created. Allianz Trade interviewed nearly 6300 people aged 18 and over in six European countries - 1020 Germans and French, 1172 Austrians, 1021 Italians, 1032 Poles, and 1006 Spaniards. In terms of all countries, the percentage of those concerned about jobs was 46%, while that of those believing in additional jobs was 33%.
A greater concern than job losses, according to the survey, is the fear of increasing inequality. Fifty-three percent of the German interviewees believed that with the further spread of AI, the educated and intelligent would become even smarter, leaving the rest behind. Only a quarter of the interviewees expressed optimism. The overall values for all six countries were 51% for concerns and 21% for optimism. In general, people in these countries saw more risks than opportunities with AI - a risk-reward ratio of 36 to 21%.
Does AI help with demographic change?
"The population in many European countries is worried and skeptical about the rapid transition," says Arne Holzhausen, Head of Insurance, Wealth, and ESG at Allianz Research. Experts anticipate significant positive economic effects. "The key is not to replace workers with AI tools but to use AI as an addition and expansion of their capabilities," emphasizes Holzhausen. This, however, requires significant investments in reskilling, upskilling, and preparing employees for new work forms.
Facing a labor shortage due to the demographic shift, AI could even be a lucky break, Holzhausen suggests. Since the development of AI coincides with demographic change, meaning the aging population and shrinking workforce, it could lead to a labor shortage in many sectors. "By increasing productivity and automating routine tasks, AI could (...), help address this looming challenge."
Survey data source: Allianz Trade, Interviewed from April 26 to May 13, 2023, with approximately 6,300 people aged 18 and over in six European countries.
The survey conducted by Allianz Trade in Hamburg, Germany, found that more Germans (47%) expect Artificial Intelligence (AI) to reduce jobs, compared to those who believe it will create more jobs (35%). Arne Woodhouse from Allianz Research, based in Germany, emphasizes the need for significant investments in reskilling and upskilling to leverage AI and address potential labor market challenges caused by demographic change.
