I think people want to do it by themselves, as there is a joy in DIY, so they want to involve, they want to participate. Profit will obviously will make them involve more, losses to the point of affordability will keep them active, beyond that, they leave.
And majority of these people are not concerned about long-term, they cannot wait for a few years to see a 12% CAGR, they want a quick 20%, some even want to know about multibagger stocks regularly.
And many people don’t want to pay, even those who can afford don’t like the idea of paying. They have no idea about asset allocation, they compare PPF with stocks, they don’t want to build a portfolio. Even if they know, what’s to pay for is the question. Everything is available online, every regional language has tens of YouTube channels, so why pay, when they can do it themselves. Even the people who express their concerns that they have missed opportunities or time regarding their finances, don’t want a structured, methodical route, because they have to pay. They would rather videos and DIY.
Not to mention the content that is generated everyday, some of it informative, most of it unnecessary, and the creators and influencers don’t necessarily express truths always, and even if they do in one video, the next video will make viewers forget the one made before. These channels are not focused, and the viewers are bombarded with non-stop content, from multiple channels, so it is hard for an average person to discern what is necessary and what is not, but they believe the creators and influencers, and do as they say.
And we are large country, with very diverse geographical, social and cultural aspects which also play a role in how we look at money. And people who either want to better their financial status, or want to build one, but cannot allot time as they want to focus on their jobs, will seek advice, but these will be less in number compared to DIY, believer folks.