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Larry Fink says keeping savings in bank accounts is a mistake
Fink argued the issue is cash not compounding over a multi-decade financial need, while he also pointed to wages lagging capital over the past 30 years.
BlackRock CEO Larry Fink said keeping household savings in bank accounts is among the worst financial decisions people can make, arguing that cash in a checking account does not compound against long-term obligations tied to a person’s lifetime.
According to a transcript published by the Milken Institute, Fink made the remarks during a conversation with Brookfield Corporation CEO Bruce Flatt at the Milken Institute Global Conference in May 2026, in a session moderated by Michael Milken.
Fink said that over the past 30 years, wages have not kept up with the role of capital, and he extended the point into the AI era, arguing economic success may not be broadened primarily through wages because wage growth could lag AI-driven potential growth.
The commentary also drew a contrast with guidance from Mark Cuban, who has advised people with substantial savings that the best guaranteed return is buying household staples in bulk, according to the same coverage.