They are not ditching it on a whim, the government has deliberately adopted financial policies that would eventually lead to the deposit interest rates not even matching inflation, which means that one would lose money by keeping it with banks. To make things worse, a huge part of our population do not really have any idea about how the investment market works, perils and risks involved, so they aren't in a position to make informed decisions, especially elderly people, pensioners, lower middle class, rural inhabitants and a considerable size of our female population.
The govt's aim is to force people to invest in market-linked instruments, because Adani & Ambani run the stock market and more money in the markets means more money for them. It's the scam of the century.
It’s not about liking earning money. The government is taxing us to death to fund free loaders, be it IAS officers or farmers or bank defaulters or netas. On top of that bank deposits give you nothing and inflation is skyrocketing. You have no option other than to take a big gamble and pour money in the stock markets. 10 years ago, a salary of 1L a year was good. Today, it’s become a lower middle class salary.
When you're in a bull market, where blue chip stocks are giving 20% returns in a month and FD is giving 7%, the choice is natural.
Wait till a 5-year long down-market hits. All those "invest and forget" and "buy the dip" post-2020 market hippies will be running to their banks again.
I put in 30 lakhs in 3 stocks in December 23 and sold them for 42 lakhs this week. That's how hot the market is, if you research well and invest in the right stocks. There will naturally be ups and downs, but I will follow an "invest and forget" philosophy from 2024 to early 2029, assuming that Modi will be heading a strong government and enacting reforms. In early 2029, I'll take a call on what to do . If a socialist leader like Kejriwal or RaGa is positioned strongly to be PM in 2029, I'll pull out of the stock market and headed towards FDs or post office schemes.
https://www.msn.com/en-in/money/news/more-savers-ditch-bank-deposits-to-flirt-with-equity/ar-BB1iJNp0?ocid=finance-verthp-feeds
Wait till a 5-year long down-market hits. All those "invest and forget" and "buy the dip" post-2020 market hippies will be running to their banks again.
Equity is MBA Finance.