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Charles Schwab: I’m not worried about job losses from technology

Scott Gamm

Billionaire businessman Charles Schwab isn’t worried about job losses from automation and the rise of technology.

“I think the one thing the American economy is fundamentally based upon is our improvements, our innovation,” he said, referring to advancements in medicine, science and industrials as a result of technology.

Schwab is the founder of The Charles Schwab Corporation (SCHW) and author of the new book INVESTED: Changing Forever the Way Americans Invest.

And when it comes to Schwab’s business itself, he points to the benefits of technology in the investing world. “Our cost of doing business has gone down dramatically over the last 20 years because of technology,” he said. “Technology, thank you very much — we would like more of it.”

In the aforementioned book, Schwab said his company, over 45 years, has employed over 125,000 people.

August 21, 2019 San Francisco / CA / USA - Charles Schwab office building in SOMA district; The Charles Schwab Corporation is a bank and stock brokerage firm

Financial education

While the costs of investing have come down, Schwab still thinks we are short on financial education as a society.

“We’ve got to get more education into our high schools, into our colleges — financial literacy is still [very low] — we need to do better about that,” he said, adding that education surrounding how the stock market and credit cards work is important. “There’s just so much education that people don’t have.”

Scott Gamm is a reporter at Yahoo Finance. Follow him on Twitter @ScottGamm.

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