UVA Law adjunct professor Jim Donovan, vice chairman of global client coverage at Goldman Sachs, discusses what it takes to become an effective investment banker during a talk at UVA’s Batten School of Leadership and Public Policy. (University of Virginia School of Law, Oct. 4, 2023)
source
The newest age group in the workforce is Gen Z. And like most generational differences — think the average net worth of millennials a decade ago — they have a different approach to many things, money included. So how is Gen Z doing financially? What’s the average net worth of Gen Z? Let’s take a look.
First, it’s important to realize that the Gen Z age range today is 14 to 29 years old. For the sake of talking about money and net worth, we’re only going to focus on 23 to 29 year olds. Because, let’s be honest, the net worth of 14 year olds isn’t going to tell us much.
Why should we care about Gen Z’s net worth? Well, like the millennials before them, the media continues to portray young adults in this country as unable to get ahead — a picture that gets complicated fast once you look at the “educated but not wealthy” cohort coming out of school with degrees and debt. But is that really the case?
Gen Z is technically anyone born between 1997 and 2012 (always subject to change — with more people calling those born after 2012 Gen Alpha). That puts them roughly 14 to 29 today, or about 70 million Americans, and it means the oldest of them now overlap with the tail end of the millennial age range.
What makes them unique as a generation? Gen Z is the youngest generation in the workforce today. They entered the workforce during the Covid pandemic, and many spent formative years in virtual school. The oldest members started their careers in a hiring freeze, watched student loan payments get switched off for three and a half years, and then lived through the restart of student loan payments.
When it comes to money, Gen Z carries some of the highest student loan balances of any generation at graduation. Looking at average student loan debt by graduating class, the typical Gen Z borrower leaves college with roughly $38,000 in loans.
They’re also entering a tougher job market than the one their older siblings walked into, which we covered when the Class of 2025 hit a soft hiring market. The unemployment rate for young college graduates (ages 22 to 27) hit 5.3% in March 2026 — above the national rate of 4.3%. According to the Economic Policy Institute, that’s the first time young college grads have carried a higher unemployment rate than the workforce as a whole.
So it’s a mixed bag with Gen Z. Like millennials before them, they’re hard to define financially, especially at such a young age — and the answer to whether college was worth it depends heavily on which year they walked across the stage.
When looking at net worth for Gen Z, these are all factors to consider.
When I think about the main inputs into Gen Z net worth, here’s what we need to weigh.
First, when did they graduate? If Gen Z is roughly 14 to 29 today, plenty of them haven’t finished college yet — and plenty never will, since 43 million Americans now have some college but no degree. But if you’re 29 today, you likely graduated college seven years ago, in 2019, right before the pandemic.
Second, what did they earn coming out of school?
NACE runs a survey each year on the average starting salary of college graduates, and College Board data shows grads still earn $31,200 more per year than non-grads. Look at what inflation did to starting salaries between 2021 and 2023.
Third, student loans. Student loan debt is the single largest drag on Gen Z net worth, so we need the average balance at graduation for each class. Our full student loan debt statistics page has the broader picture.
One thing that’s changed since we first ran these numbers: the payment pause. Federal student loan payments and interest were suspended from March 2020 through August 2023, and as we wrote at the time, the student loan pause never really ended for a lot of borrowers. For anyone who graduated between 2019 and 2022, that meant three and a half years where the balance simply sat there. No interest, but no principal reduction either unless they chose to keep paying. That’s a big reason older Gen Z balances haven’t fallen as much as you’d expect.
Repayment restarting has been rough. Serious student loan delinquencies spiked to 12.88% in mid-2025 before falling back to 7.83% in Q2 2026, per the New York Fed. Total student loan debt now sits at $1.65 trillion.
Fourth, savings assumptions. Net worth is assets minus debt. Income drives both — how much gets saved and how much debt gets paid off. For the “average” Gen Z, I’m using the national personal saving rate. For the above-average Gen Z, I’m factoring in IRA and 401(k) savings along with a much higher savings rate, closer to what our retirement savings by age benchmarks call for.
As we compare Gen Z net worth by age, I want to look at both the average and a stretch goal. The average matters, but I also want to leave you with a target that puts you on the path to becoming a millionaire.
Remember, net worth is assets minus liabilities. The main asset we’re focused on here is savings built from income. The main liability is student loan debt (and the average student loan payment eats into savings every month) though auto loans and mortgages move the number too.
I want to re-emphasize that these are our estimates. Federal Reserve data lumps everyone under 35 into a single bucket, so while we have starting points, things can skew either way. Our breakdown of who holds the most student loan debt by age shows how wide the spread gets inside that bucket.
Here’s the Federal Reserve data for under 35, from the 2022 Survey of Consumer Finances:
Under 35:
Worth flagging: the 2022 survey is still the most recent one available. The Fed collected the 2025 Survey of Consumer Finances last year and expects to publish results in late 2026, so these figures are due for a refresh.
With that, let’s get into it. We’re estimating from sparse data points, and negative net worth for the younger cohorts makes it messier. But based on years of doing this — the same approach we use for millennial net worth — I think it’s a fair picture.
Here is the Gen Z Net Worth by Age estimate:
|
Age |
Net Worth |
|---|---|
|
29 |
$1,966 |
|
28 |
-$8,092 |
|
27 |
-$15,405 |
|
26 |
-$17,213 |
|
25 |
-$20,586 |
|
24 |
-$27,996 |
|
23 |
-$34,783 |
Yes, the “average” net worth for Gen Z in the workforce is still negative, at -$17,444 across the group. But the crossover point has moved. In our last run of these numbers, Gen Z went positive at 27. Now it’s 29 — later than the 17 years it takes the average undergrad borrower to clear their loans would suggest is comfortable.
Two things pushed it back. The payment pause froze balances for three and a half years without reducing them, so the classes of 2019 through 2022 are further behind on principal than a normal repayment schedule would suggest — and credit scores dropped hard when payments resumed. The personal savings rate also collapsed after 2021. A 2022 or 2023 graduate has never worked in a year where Americans saved more than 6% of income, while the Class of 2019 got the 15.3% savings year of 2020 in their first full year of work.
Wage growth has been real. The Class of 2025 started roughly $13,000 above the Class of 2019. But they also started with $4,300 more debt, and it keeps climbing — the Class of 2026 is projected to borrow $43,500 for a bachelor’s degree.
Notes: This assumes students don’t work or work marginally during school, carry an average amount of student loan debt, and find average employment after graduation.
Now that you’ve seen average, what does it take to be well above it? Anything better than the chart above beats the pack, but I want to give you a real stretch goal. I call this the high achiever Gen Z net worth by age, and getting there starts with paying off student loans faster.
How do you get here? Three things:
|
Age |
Net Worth |
|---|---|
|
29 |
$158,045 |
|
28 |
$132,279 |
|
27 |
$106,207 |
|
26 |
$86,870 |
|
25 |
$66,453 |
|
24 |
$43,101 |
|
23 |
$20,938 |
What are your thoughts on this? Do you think a 23 year old can have $20,938 saved one year after graduation? I think it’s absolutely possible — especially the high achievers who started working at 16 (or earlier), opened an investment account as a teen, minimized student loans, and invested.
The gap between the two charts is the whole story. A 29 year old at the average is sitting at roughly break-even. A 29 year old who dodged student debt and saved a quarter of their income is at $158,000 and, per the Rule of 72, on track to be a millionaire in their early 40s. Same seven years. Wildly different outcome.
These high achiever numbers are a stretch, but they’re not unheard of — they’re roughly what our investment strategy by age framework points to for someone who starts at 22 and never lets up.
Now that you know the average and the above-average, how do you get there? Time to start looking at ways to move the number, and a budgeting app is the cheapest first step.
Start by tracking your net worth. I’m a fan of Empower because it’s free, has good tools, and it’s online. But Empower isn’t the only app that can do this — we compare it head to head in our YNAB vs. Empower breakdown.
The good news is you’re still young and time is on your side. Time is the biggest advantage you have in building wealth, and it’s the entire engine behind financial independence math. If you want to grow it faster, focus on two areas.
Boosting your income — Income is the main driver of building assets and killing debt. The more you earn, the easier both get. I want to challenge you to earn at least an extra $100 per month. We have 54 side hustle ideas to get you started. I’m a firm believer that everyone can earn more if they try. I went to college full-time, worked full-time, and side hustled on top of it.
Eliminating your debt — The biggest struggle for Gen Z is flipping a negative net worth positive. Wiping out student loan debt does most of that work. Put your extra income toward it, and make sure you’re on the best student loan repayment plan for your situation.
Compared to the average millennial net worth at the same age, Gen Z is doing better on paper. They’re earning more out of school, and their net worth trajectory is slightly ahead. But they’re facing real headwinds on cost of living, a softer entry-level job market, and student loan payments that came back on all at once after three and a half years of silence.
They’re making more, but everything costs more — college costs alone rose three times faster than inflation. That makes growing net worth harder. Combine it with rising student loan balances and it’s a tough climb.
Average is just that — average. Some people are doing better and some are doing worse. Keep working on your own situation, open a Roth IRA if you haven’t, and shoot for the high achiever numbers.
More From The College Investor:
The College Investor used data from the Federal Reserve Survey of Consumer Finances, the National Association of Colleges and Employers, the Education Data Initiative, the New York Fed Quarterly Report on Household Debt and Credit, the Economic Policy Institute, and FRED Economic Data, combined with our own calculations and assumptions.
Average net worth estimates assume: starting salary equal to the NACE class average, 4% annual wage growth, savings equal to the national personal saving rate applied to after-tax income (estimated at 80% of gross), a 5% annual return on savings, and standard 10-year student loan repayment at 5.5% interest with no payments or interest accrual during the federal payment pause (March 2020 through August 2023). High achiever estimates assume no student loan debt, income 25% above the class average, 25% of gross income saved annually, and a 6% annual return. The 2026 calendar year is modeled as a full year at the year-to-date savings rate.
Editor: Colin Graves
Reviewed by: Chris Muller
The post Average Net Worth Of Gen Z By Age (Updated For 2026) appeared first on The College Investor.
The Marriott Bonvoy Brilliant® American Express® Card is offering a big bonus that can earn you 150,000 points plus a statement credit of $250. This offer launched today on August 6th, and will be available through Wednesday September 30th, 2026.
There’s also a new link for Bonvoy Brilliant (previous link stopped working) that has the lifetime language but it’s working as NLL for many of our Facebook Group members. So it’s more like a magic link. Let’s go over the offer details.
You may not be eligible to receive a welcome offer if you have or have had this Card or the Starwood Preferred Guest® American Express Luxury Card or previous versions of these Cards. You also may not be eligible to receive a welcome offer based on various factors, such as your history with credit card balance transfers, your history as an American Express Card Member, the number of credit cards that you have opened and closed and other factors. If you are not eligible for a welcome offer, we will notify you prior to processing your application so you have the option to withdraw your application.
Welcome offer not available to applicants who (i) have or have had The Ritz-Carlton® Credit Card from J.P. Morgan, the J.P. Morgan Ritz-Carlton Rewards® Credit Card, the Marriott Bonvoy Bountiful™ Credit Card from Chase, the Marriott Bonvoy Boundless® Credit Card from Chase, the Marriott Rewards® Premier Plus Credit Card from Chase, the Marriott Bonvoy® Premier Credit Card from Chase, the Marriott Rewards® Premier Credit Card from Chase, the Marriott Bonvoy® Credit Card from Chase, the Marriott Rewards® Credit Card from Chase, the Marriott Bonvoy Bold® Credit Card from Chase, the Marriott Bonvoy® Premier Plus Business Credit Card from Chase, the Marriott Rewards® Premier Plus Business Credit Card from Chase, the Marriott Bonvoy Business® Credit Card from Chase, or the Marriott Rewards Business® Credit Card from Chase in the last 30 days, (ii) have acquired the Marriott Bonvoy Bountiful™ Credit Card from Chase, the Marriott Bonvoy Boundless® Credit Card from Chase, the Marriott Bonvoy Bold® Credit Card from Chase in the last 90 days, or (iii) received a new Card Member bonus or upgrade offer for the Marriott Bonvoy Bountiful™ Credit Card from Chase, the Marriott Bonvoy Boundless® Credit Card from Chase, or the Marriott Bonvoy Bold® Credit Card from Chase in the last 24 months.
The Marriott Bonvoy program is one of the largest hotel rewards programs in the world, counting 30 brands spread out around the world. Brands very from budget hotels to luxurious properties in exotic locations. Marriott Bonvoy points are worth about 0.6 cents each. You earn 10 base Bonvoy rewards points per dollar spent at Marriott properties. So if you spend $100, you’ll earn 1,000 points. But, some budget brands have lower base earning rates. Bonvoy elite status holders earn additional points:
You also get extra points for holding a Marriott Bonvoy credit card. Marriott is a transfer partner for Chase Ultimate Rewards and American Express Membership Rewards, giving you more options to accrue points. When it comes to using points, Marriott now uses dynamic pricing, with award rates varying between 7,500 and 100,000 points per night. A few luxurious properties can go much higher than that. Credit cards will also earn you free nights, which you can top up with up to 25,000 points.
The Marriott Bonvoy Brilliant American Express Card is a premium product designed for individuals who frequently stay at Marriott properties and want to maximize their rewards and travel benefits. If you fit into that category, then this offer should be worth considering.
This welcome bonus is one of the best deals you will see for the Marriott Bonvoy Brilliant American Express Card. You get 150,000 Marriott Bonvoy points plus a $250 credit, and the spending requirement is manageable at $6,000 in six months.
The card comes with an annual fee of $650, but does provide tons of benefits for Marriott Bonvoy loyalists.
Opinions expressed by Entrepreneur contributors are their own.
For about two decades, the real estate industry has talked about itself like it’s in the middle of a war. Agents vs. technology. Full commission vs. flat fee. For-sale-by-owner (FSBO) vs. full service. Every few years, a new headline declares that agents are about to go extinct, technology is about to make the profession obsolete and the old model is finally cracking. None of that has actually happened, and there’s a pretty obvious reason why. Consumers were never asking the question the industry kept arguing about.
Nobody wakes up wondering whether real estate agents should exist as a category. They wake up wondering how much help they actually need for the specific situation in front of them. That’s a completely different question, and it’s the one the industry has mostly ignored while it kept refighting the same fight.
Here’s the part that should embarrass everyone still arguing about FSBO. It’s at an all time low.
Last year, 5% of home sales had no agent involved at all, down from over 20% in the ’80s, and 91% of sellers used an agent. If the future of real estate were really about consumers ditching agents entirely, the data would show some version of that happening. It shows the opposite. People are not rejecting professional help. What’s actually shifting is something quieter and more interesting: how much help, and which parts of it, people want to pay for.
Real estate is still one of the last fully bundled services left in a major industry. When you hire an agent, you’re typically buying a pricing strategy, MLS access, negotiation, marketing, paperwork and advice as one inseparable package, whether you need all of it or not.
Most other industries went through this exact transition years ago. Travel agents used to be the only way to book a trip. Now you can do everything yourself, hire someone for the complicated parts or use a hybrid service depending on what the trip requires. Investing went the same direction. You can manage your own portfolio, pay a flat fee for specific advice or hand the whole thing to a full-service advisor.
Tax prep splits the same way. Real estate has been one of the slowest industries to unbundle, mostly because the transaction itself has stayed so structurally complicated that full service felt like the only safe option for most people.
That’s actually changing, and the National Association of Realtors settlement accelerated it, whether anyone intended that or not. Buyer-agent commissions are now negotiated individually instead of baked silently into the deal, and sellers are no longer required to cover them automatically. Flat fee MLS listings, hourly consultations and à la carte services are becoming real options rather than fringe ones. None of this is eliminating the agent relationship; it’s just giving people more entry points into how much of it they actually want.
Here’s where the conversation gets a little uncomfortable for some agents and a little exciting for others. The agents who are nervous about unbundling are usually the ones whose value was tied up in tasks that technology was always going to make easier: scheduling showings, generating comps, formatting paperwork, etc. Those things were never really the reason a good agent was worth the money.
The agents who thrive when consumers get more options are the ones whose actual value was always negotiation, judgment under pressure, local market knowledge that doesn’t show up in an algorithm and the ability to walk a stressed-out buyer or seller through a decision that’s bigger than almost anything else they’ll do financially. Unbundling doesn’t threaten that kind of expertise — it clarifies it. When a consumer can choose exactly which services they’re paying for, the services that are genuinely hard to replicate become more obviously valuable, not less.
This is where I’d point to something like Ownli, the flat-fee real estate platform built around the idea that consumers shouldn’t have to choose between affordability and real representation. The traditional model ties commission to home price, so two nearly identical transactions can cost wildly different amounts for the same basic work. And it’s not about stripping services down to a menu; it’s about making the cost of good representation transparent and predictable instead of opaque and percentage-based. Consumers don’t actually want less help. They want to know what they’re paying for and why, and they want that price to reflect the actual work involved rather than an arbitrary cut of their home’s value. That’s not anti-agent. It’s pro-consumer in a way that, if anything, makes good agents more valuable by forcing the market to compete on transparency and real service instead of legacy pricing nobody questions.
The industry keeps fighting over whether agents will survive technology. That’s the wrong question, and the data already answered it. The real question — the one actually shaping where this market is headed — is what level of service each consumer needs for their specific deal. Real estate spent decades as one of the only major service industries that hadn’t figured out how to answer that question flexibly. It’s starting to now. The agents and platforms that understand the difference are going to be in a much stronger position than the ones still arguing about a war that consumer behavior already settled.
For about two decades, the real estate industry has talked about itself like it’s in the middle of a war. Agents vs. technology. Full commission vs. flat fee. For-sale-by-owner (FSBO) vs. full service. Every few years, a new headline declares that agents are about to go extinct, technology is about to make the profession obsolete and the old model is finally cracking. None of that has actually happened, and there’s a pretty obvious reason why. Consumers were never asking the question the industry kept arguing about.
Nobody wakes up wondering whether real estate agents should exist as a category. They wake up wondering how much help they actually need for the specific situation in front of them. That’s a completely different question, and it’s the one the industry has mostly ignored while it kept refighting the same fight.
Here’s the part that should embarrass everyone still arguing about FSBO. It’s at an all time low.
Adm. Brad Cooper, the top U.S. military commander in the Middle East, visited the USS Lincoln in the Arabian Sea during a 10-day tour in the region that concluded on Saturday, U.S. Central Command said.
Israel said its strikes in southern Lebanon, which killed at least 11 people, targeted two Hezbollah commanders. And a Hamas delegation is in Cairo on Sunday for Gaza ceasefire-related talks with Egyptian officials.
Here’s a look at the latest developments on Sunday in the Iran war and the wider Middle East. Full coverage can be found here.
Adm. Cooper visited the USS Lincoln in the Arabian Sea as reports have emerged of mental health and supply issues aboard the long-deployed aircraft carrier. The Lincoln arrived in the Middle East in January and has been supporting the U.S. war against Iran, including the blockade on Iranian ports. Its deployment has included a record-setting uninterrupted time at sea of more than 240 days.
Extended deployments of carriers – which can have more than 5,000 sailors and Marines on board – have raised concerns about the impact not only on the ships but on service members.
“History will record this deployment as one of the most operationally intense and consequential of the modern era,” Cooper said of the Lincoln strike group in a statement released Saturday.
Cooper also went to Bahrain, Iraq, Israel, Jordan, Saudi Arabia, and the United Arab Emirates to meet with civilian and military leaders, according to the Central Command statement.
The U.S. Navy’s blockade was in response to Iran’s asserting control over the Strait of Hormuz after the war started on Feb. 28 with U.S. and Israeli strikes. About one-fifth of the world’s traded oil and natural gas passed through the waterway at the mouth of the Persian Gulf before then.
Talks between the U.S. and Iran have stalled while Iran is in discussions with Oman about how to manage the strait that runs between them and had been considered an international waterway.
Israel’s military said it targeted two Hezbollah commanders in strikes in southern Lebanon on Saturday, in the deadliest attacks since a trucebetween Israel and Iran-backed Hezbollah went into effect in June.
Lebanon’s Health Ministry and state news agency said at least 11 people were killed in two strikes.
Israel’s military said early Sunday morning that the latter strike killed Abu Hassan Alaa, whom it described as a “senior commander” for Hezbollah who had taken part in attacks against Israel’s soldiers in southern Lebanon as well as led militants who targeted Israeli soldiers and civilians over several years.
Earlier, Israel’s military had said the strike on Ansar killed Ali Samir Al-Haj Hassan, also described as a Hezbollah commander, adding that his family was with him, but was not targeted.
Israel and the Lebanese government announced a “framework agreement” in late June, laying out a plan for Israeli forces to withdraw from southern Lebanon in exchange for Hezbollah’s disarmament. It envisions steps toward an eventual peace agreement between the countries, which remain technically at war nearly 80 years after Israel’s establishment.
Hezbollah has refused direct talks and wasn’t party to the U.S.-mediated deal.
A Hamas delegation, chaired by the group’s leader Khalil al-Hayya, is in Cairo Sunday for Gaza ceasefire-related talks, the group said. Al-Hayya met with Maj. Gen. Hassan Rashad, head of Egypt’s intelligence service, Egyptian state-run media reported.
Al-Hayya reiterated Hamas’ commitment to implement U.S. President Donald Trump’s peace plan in Gaza “end the suffering of the residents of the Gaza Strip and to begin the reconstruction process,” al-Qahera News television reported.
The talks come as mediators push for the implementation of a roadmap that calls for the disarmament of Hamas and other Palestinian militant groups in Gaza, the withdrawal of Israeli forces from the area, as well as handing over power to Palestinian technocrats.
Israel’s Netanyahu has rejected Trump’s latest plan to advance the stalled ceasefire in Gaza, saying Israel will not withdraw from any of the roughly 60% of the territory it controls until Hamas has been completely disarmed — something the militant group controlling the other 40% has long resisted.
It wasn’t immediately clear whether al-Hayya would meet with Trump’s son-in-law and negotiator Jared Kushner, the Board of Peace’s high representative Nickolay Mladenov, or executive board member and former British Prime Minister Tony Blair, who are scheduled to travel to Israel and Egypt this week.
Qatar’s armed forces captured and are holding three Iranian pilots who went missing in March when their jets were downed, the Missing Persons Committee of Iran’s Armed Forces General Staff said. Qatar, however, denied it.
Iran’s state TV reported on Sunday that the committee’s commander responded by urging Qatar to allow Iranian Air Force experts to conduct a field investigation.
Saturday’s statement alleged that Qatar had not allowed the pilots to meet or communicate with families or Iranian officials handling their cases. A spokesperson with Qatar’s foreign ministry, Majed Al Ansari, denied the claims and indicated on X that the pilots had been shot down and that Qatar’s search and rescue teams found the remains of one.
This is the first known case in the war where Iran has said a regional country is holding its fighters. Tehran has repeatedly targeted countries in the region with missiles and drones that are hosting U.S. military bases.
Builders are turning to modular construction, energy-efficient design and community land trusts as high costs, labour shortages and logistical hurdles deepen Northern Canada’s housing shortage.
🎁 Бесплатный мини-курс по крипте –
❗️Мое бесплатное крипто-сообщество –
🚀 Мой Telegram канал → (🏠 Ипотека 2020 года – лучшая инвестиция десятилетия?)
Есть экономические кризисы, которые приходят резко. Один день — и всё рушится. Но есть другой тип кризиса. Намного более опасный. Когда экономика вроде бы растёт, зарплаты повышаются, безработица остаётся рекордно низкой, а людям всё равно становится тяжелее жить.
Этот феномен называется стагфляцией — состояние, которое десятилетиями считалось практически невозможным. Именно с ним столкнулись США в 1970-х, а сегодня о рисках стагфляции всё чаще говорят и применительно к России.
➤ Мой Instagram*: sokolovskiy
В этом выпуске мы разберём: что такое стагфляция простыми словами, почему экономисты считают её одним из самых опасных сценариев для любой страны, как нефтяной кризис 1970-х разрушил привычные экономические теории, почему Пол Волкер вошёл в историю как человек, который остановил инфляцию ценой рецессии, какие признаки стагфляции сегодня видят аналитики в российской экономике, почему при рекордно низкой безработице бизнесу становится всё сложнее работать, как высокая ставка влияет на предпринимателей и обычных людей, какие ошибки совершили Япония и Турция, пытаясь решить похожие проблемы, и что в подобных условиях можно делать со своими деньгами.
Таймкод:
00:00 Экономика растёт, а жить становится тяжелее?
01:55 Что такое стагфляция?
04:23 Истоки стагфляции. Что случилось в США и почему экономисты были уверены, что это невозможно
08:27 Люди, которые уже заплатили цену
12:17 Россия и парадокс нулевой безработицы. Почему бизнес закрывается несмотря на рост экономики
14:58 Три сценария будущего России
20:12 Что делать с деньгами?
🔴 Это видео и его содержимое предназначены для информационных целей и не являются финансовой или инвестиционной рекомендацией.
*Компания Meta признана экстремистской и запрещена на территории РФ.
#АлександрСоколовский #экономика#МироваяЭкономика #стагфляция #инфляция #деньги #доходы #зарплаты
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The third function is also the hardest to automate: accountability.
AI can generate hypotheses, challenge assumptions, and stress-test investment cases. It cannot assume fiduciary responsibility or explain a disappointing outcome to a client.
After 25 years in asset management, I can say that those conversations define the profession. During one discussion following several years of underperformance, what mattered was not model output but explaining which assumptions had failed, when they failed, and why we chose not to abandon the investment process under pressure.
AI can prepare that conversation. It cannot replace it.
Current industry practice reflects this reality. A 2024 Bank of England and Financial Conduct Authority survey found that three-quarters of responding UK financial firms already use AI, yet only 2% of reported use cases involve fully autonomous decision-making.
AI does not eliminate accountability. It changes how accountability is organized.
These remain investment decisions, not merely compliance exercises.
Regulators and practitioners are moving in the same direction. IOSCO’s AI/ML guidance emphasizes senior accountability, testing and monitoring, skills, third-party controls, disclosure, and data quality. The CFA Research Foundation volume AI in Asset Management, edited by Joseph Simonian, frames the issue more broadly: AI should strengthen, not supplant, human judgment, trust, and fiduciary responsibility. Gennaioli, Shleifer, and Vishny model trust as central to investment delegation.
In an AI-driven investment process, trust is earned through decisions clients can challenge and revisit.
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Free is free.
Cybersecurity experts raise the alarm about AI agents and hacking vulnerabilities.
