Children in the UK are not aware of the full scope of opportunities stemming from science, technology, engineering and maths, a survey suggests.
Research commissioned by EngineeringUK and conducted through 1,002 parents of 11 to 16 year-olds in Britain, found that the three areas least recognised by children as needing Stem skills were crowdfunding websites, TikTok development and the metaverse.
Only 19 per cent of respondents realised crowdfunding websites such as JustGiving and GoFundMe were the achievements of those working in Stem. The percentage for TikTok development was a little higher at 24 per cent, while metaverse was linked to Stem by 33 per cent of those surveyed.
“The opportunities within Stem are endless, with some better known than others,” said Dr Hilary Leevers, chief executive of EngineeringUK.
“In our survey less than a quarter of young people realised that developing TikTok is an example of a career that needs Stem skills. It’s [a platform] most young people are familiar with and being able to show the huge variety of possibilities will hopefully encourage more young people to study and eventually work in Stem.”
At the other end of the recognition scale, no doubt influenced by the relentless publicity afforded by the coronavirus pandemic, 100 per cent of respondents realised vaccine development required Stem skills.
EngineeringUK Stem survey results - in pictures
Social media raising Stem awareness
The survey revealed children are now finding out about potential careers in the sphere by using social media platforms that have resulted from Stem ingenuity.
Thirty-seven per cent of 11 to 16 year-olds said they watched YouTube videos to learn about their future dream jobs, compared to 30 per cent who read books and 22 per cent who attended after-school classes or clubs.
Science and mathematics were voted favourite subjects by 65 per cent of both boys and girls in the survey.
“It’s really encouraging that young people are embracing Stem at an early age,” said Ms Leevers.
“We need more young people from all backgrounds to understand the role that Stem careers play and for more of them to go on to work in science, engineering and technology.
“Social media is a great tool and has been particularly useful during the pandemic to help young people gain an understanding of Stem.”
While the use of social media for Stem purposes has increased, the sector hasn't abandoned other modes of communication.
Previous research undertaken by EngineeringUK demonstrated that young people who attended a careers event with an employer, either online or in person, were around twice as likely to know about what engineers and scientists can do in their jobs and almost three times as likely to be interested in a career in engineering.
These findings have resulted in The Big Bang Fair, which is taking place in Birmingham, UK, this week. The free-to-attend event will feature scores of quality hands-on activities to inspire young people to discover and explore what a career in Stem can offer.
For those unable to get to the UK's second largest city in person, delegates can also register to attend digitally - another Stem development.
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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