> When that happens, people will just go back into finance and other high pay fields that require less education and effort.
Straight from the horse's mouth I know that quite some very intelligent, insanely well-educated (in a relevant direction, say, doctoral degree in mathematics, physics, stochastics, ...) and hard-working people don't have the personality traits that finance is looking for.
I know quite some insanely talented people who could not, for example, get a permanent position in research (for reasons that have nothing to do with the quality of their research) who would, as mentioned, rather stand no chance of becoming hired in finance (if I had a startup, I would seriously consider hiring them).
So the whole advice of "go into finance" is in my opinion divorced from the reality.
You are being too literal here. Firstly, there's a large number of software devs that would do just fine in finance. A common refrain is that many of those who would have gone into finance over the past decade or two want into tech instead. Secondly, there's many other fields people could go into. People follow the money. They adapt their skills to those fields. This idea that "well devs will just work for peanuts" is absurd. Intelligent and talented people will just go elsewhere if the field is no longer a source of high incomes.
Of course I expect it will continue to provide high incomes for quite some time. There are few things I can think of that wouldn't be improved by software, and as long as that holds true it means there's more demand for software.
