My observation: A lot of people no longer save money for long term in the banks.

[lionheart78]

Do you also notice the shift that a lot of people are no longer saving for their retirements in the banks?

I noticed that instead of saving money for retirements on banks, many are going after insurance policy plan where their money can increase significantly when the plan matured.  There are still few that put their savings on bank but it is true that there are people who put their money on e-wallet than on banks.  Maybe it is due to the advancement of technology and services offered in financial industry that people are getting wise and see more benefits on other services offered than banks.

[Marykeller]

Do you also notice the shift that a lot of people are no longer saving for their retirements in the banks?

The "a lot of people not saving their money in the bank'' are people like us, the young generation who understand and believe that the little money they have, if invested properly, could make them rich.

Most of our parents didn't know this because I have seen them preferring to save their money or retirement money in the bank; that's where it is safe for them, as they can withdraw their money at intervals to buy the things they need and want.

Well, I don't blame them for choosing to save their money in a bank rather than thinking of investing in digital assets. They didn't understand the digital assets, and how it works, that's why. Saving money in banks is where they have full knowledge, and they can't trust anything else to save their money for them if not the banks

[Kelvinid]

Do you also notice the shift that a lot of people are no longer saving for their retirements in the banks?

From what I noticed, there are still many people saving money in the bank. You can noticed that with people that are older age.

Some countrys' inflation are very low also which encourage saving, but in other countries, there are people that still save money in the bank also.

The best are investing in bitcoin, stocks, gold snd other valuable assets.

True. Here in my country, you can still see long lines outside the bank which means a lot are still trusting banks and still prefer to save more than spend and invest. That's because not all investments are safe and profit guaranteed, and some may not have the total knowledge and confidence yet to invest their hard-earned money.

But the best combo here is still to save fiat and invest into bitcoin and diversify your assets. Inflation will always be there, you just have to think of ways to hedge against inflation.

[Ishicryptic]

Do you also notice the shift that a lot of people are no longer saving for their retirements in the banks?

I noticed that instead of saving money for retirements on banks, many are going after insurance policy plan where their money can increase significantly when the plan matured.  There are still few that put their savings on bank but it is true that there are people who put their money on e-wallet than on banks.  Maybe it is due to the advancement of technology and services offered in financial industry that people are getting wise and see more benefits on other services offered than banks.

The internet have greatly helped in awareness about investing money for the long term instead of relying on the banking system as it was done in the old days, on social media you can get any information you want very easily, now people do all sorts of genuine investments because they are better informed. Technological advancements is an eye opener for us, if not a lot of commoners wouldn't know about inflation and how the value of their money in the bank depreciates over the years, I would say that it is uninformed people that still saves their retirement money in the bank. Why I started this thread was because I noticed the big change about the perception of people doing DCA savings in banks, they will tell you that they will rather be putting their long term savings in investments that will give them returns in the future. Bank savings are basically for short term expenses.

[Zlantann]

The internet have greatly helped in awareness about investing money for the long term instead of relying on the banking system as it was done in the old days, on social media you can get any information you want very easily, now people do all sorts of genuine investments because they are better informed. Technological advancements is an eye opener for us, if not a lot of commoners wouldn't know about inflation and how the value of their money in the bank depreciates over the years, I would say that it is uninformed people that still saves their retirement money in the bank. Why I started this thread was because I noticed the big change about the perception of people doing DCA savings in banks, they will tell you that they will rather be putting their long term savings in investments that will give them returns in the future. Bank savings are basically for short term expenses.

To make such claims, there is a need to reference research work that has proved what you have stated. You can't just conclude that people are not keeping money in banks based on personal observations.

However, if your observation is true, I have one reason why it is happening. In the past, the rate of inflation was very low. Currencies were not losing value as they are now. It would be foolish to keep money in a bank when the interest rate is lower than the inflation rate.

I also agree that information and communication technologies have helped spread financial education, so people are more informed now.

[henmark]

I believe that the turning point and eye opener for many was the creation of Bitcoin, a lot of people realized that saving their money in the bank for many years was not their best option, they realized that investing the money can hedge against inflation and give them returns on investment. Bitcoin was was the paradigm shift for many to wake up to the reality their money depreciates in value after many years. Word have gone round that money in the bank is no longer the ultimate for long term savings, they have better understanding about inflation and how their money can work for them. I know a lot of ordinary people who were not financially intelligent that are not only holding Bitcoin they are holding shares of many companies both local and international.

Do you also notice the shift that a lot of people are no longer saving for their retirements in the banks?

Yes, I did notice the shift, but I wouldn't give Bitcoin all the credit for it, because multiple options existed even before Bitcoin was created, and people never chose them for the same purpose even though they could be very good fits for it as well, such as Gold, which has been around for centuries, and everyone knows that the value of Gold has only been going higher over time from the past until now, so it's not that they didn't know they can buy and keep Gold so that their money can be safe from inflation and currency devaluation while they also grow in value because of Gold's value going higher.

I'll tell you the biggest reason why so many people have now started investing their money instead of keeping it idle in banks, etc. The reason is pretty simple; it's the profits that they are expecting from Bitcoin and cryptocurrencies. They have seen how Bitcoin have grown from nothing to $126k within 18 years or so, and they just imagine what they could achieve if they had invested their money earlier, and with this thought, they feel they shouldn't waste any more time and invest their money as soon as possible so that they can make some money in the coming years.

[Dickiy]

Do you also notice the shift that a lot of people are no longer saving for their retirements in the banks?

In the past, people still held to the standard of value storage in banks and in gold, now the shift along with the growth of technology so that information about financial alternatives is easy to get and has an impact on shifting viewpoints. Both the early generations, millennials and gen z as long as they can keep up with the development have definitely considered alternatives to fiat to store wealth like Gold, Bitcoin, stocks etc. The role and existence of banks may seem to be declining for some of us, but the fact is that now banks are also transforming to take part in the growth of new finance. That's why there are banks that integrate bitcoin into their financial systems so that they can really adapt.

[Cossyblack]

Do you also notice the shift that a lot of people are no longer saving for their retirements in the banks?

I disagree with your observation because people who hold their money with the bank are still more than bitcoin holders. I think  that only roughly  4% to 5% of people holds bitcoin around the world, so that little numbers can't make a shift in the banking sector. The percentage will increase as more people hold bitcoin and might take more 30 years to cause the shift you are speculating about to happen, because a alot of people haven't heard of Bitcoin,  let alone use it to hedge against inflation.

So it might take many years before alot of people realise bitcoin can hedge against inflation and keep their money in constant value. So, even though what you speculated might actually happen, it will still take several years for people to trust bitcoin enough before moving thier money out of the bank and save it in bitcoin to preserve the value of their money.

[Prince patrick]

I will say this, the best place you can store your money is in Bitcoin. But let me make this clear, a whole lot of people still save their money in the bank. Including you and me, I believe that as you are here now, there is some certain money in your account, I believe your account isn't totally empty. That's it. Banks are still very relevant and they will remain relevant.

[pusaka]

Do you also notice the shift that a lot of people are no longer saving for their retirements in the banks?

I disagree with your observation because people who hold their money with the bank are still more than bitcoin holders. I think  that only roughly  4% to 5% of people holds bitcoin around the world, so that little numbers can't make a shift in the banking sector. The percentage will increase as more people hold bitcoin and might take more 30 years to cause the shift you are speculating about to happen, because a alot of people haven't heard of Bitcoin,  let alone use it to hedge against inflation.

So it might take many years before alot of people realise bitcoin can hedge against inflation and keep their money in constant value. So, even though what you speculated might actually happen, it will still take several years for people to trust bitcoin enough before moving thier money out of the bank and save it in bitcoin to preserve the value of their money.

Not yet, but there's a shift where some people are now realizing that there are other options besides keeping money in the bank, one of which is Bitcoin. However, you're right, it will take longer to get more people to invest in Bitcoin.

Compared to 10 years ago, the number of people investing in Bitcoin is steadily increasing, so this is a rapid development. It's also not easy to convince people to switch from one asset to a new one, which initially faces a lot of resistance from governments, which we know wield immense power.

[Leahized]

Not everyone will get the information and not everyone also will accept the information even when they are aware, some people are just ignorant of information and never want to step up the game, still believe in the old systems even when it's not working. These people I call them "the sluggish"

You will never be able to completely eliminate the banking system. Because there is a banking circulation in every state and people of all classes are willing to save money because it feels safe there. I don't know, why you label those individuals as lazy. Moreover, not investing in Bitcoin does not make a person lazy. it is a completely baseless activity.

If you are one of those who stopped saving money in the bank and diverted your financial attention into Bitcoin, congratulations. No matter how you preach this to others, people will still do what is in their mind.

Investing in Bitcoin indicates a prevention of inflation and an improvement in financial conditions. However, the risks involved raise concerns among many. As a result, there is hesitation in making decisions accurately and precisely. The main point is that, it is reasonable to take initiatives to invest in Bitcoin according to the crypto laws within the state. I hope, you have been able to understand.

[Ever-young]

Do you also notice the shift that a lot of people are no longer saving for their retirements in the banks?

People are still saving for their retirements in the bank especially the advanced.

Before they started saving in the bank, people used savings boxes and every other means of saving money. So is just a spontaneous occurrence that people work with what they meet, and probably, feel a need to adapt to a latest update.

The new age  didn’t get to enjoy the bank, because corruption already impacted it before I became their customer, so while i wasn’t soo comfortable, I didn’t also have a choice till i found bitcoin promising, and even in it’s dips i still stick with it. That is what is happening to our older ones, the bank was found promising, they gave it a chance, so even till this hour of inflation they’re still there , i know many.

We’ll get to the point where the bank will only me crowded because people want to move out their salaries.
The older ones are dying, the new age are coming up, because the new age are becoming wiser, it then feels like a shift, no it’s not, it just happened to be a tech era where we have too many options to settle for less.

[Versatile_choice]

Do you also notice the shift that a lot of people are no longer saving for their retirements in the banks?

Here in my country I have not seen any person who chosed bitcoin as the best assets to invest their retirement Money, here Many people prefer saving in the Bank instead of bitcoin. Most people feel safe when their money is been saved in the bank, and sure everyone have the right to decide what they know is best for them.


Personally I can't recommend anyone to Bitcoin Investment in terms of looking for something to save their retirement Money , they should decide by themselves.

[cryptomaniac_xxx]

Do you also notice the shift that a lot of people are no longer saving for their retirements in the banks?

I don't know, but here, there are still many people going to the banks and save their money. Because it's one of the safest way for them specially if you are a businessman. It's not about for them making money out of the bank, but having the convenience instead of putting their money in their house as here, although we are going digital, cash is still the king.

We have many wallet apps as well, but there are many scammers that they can accessed it. So for some people. bank could still be their safe haven. Although if you have banking apps, they can get you as well.

[Questat]

Do you also notice the shift that a lot of people are no longer saving for their retirements in the banks?

I noticed that instead of saving money for retirements on banks, many are going after insurance policy plan where their money can increase significantly when the plan matured.  There are still few that put their savings on bank but it is true that there are people who put their money on e-wallet than on banks.  Maybe it is due to the advancement of technology and services offered in financial industry that people are getting wise and see more benefits on other services offered than banks.

I think a lot of people are still saving their money on the banks but the only difference is that, they are now saving lesser amount than before because they are now more open to investments and insurance plans. The rise of E-wallets is also another means of keeping their funds without the need to go to physical banks anymore, so people are still saving, but right now they have various means of keeping their funds instead of just sticking to bank alone.

The growing, advanced technology educate more people and made them realize that there are more avenues where they can grow their money rather than just letting their money sleep in the bank.

[Sanitough]

Do you also notice the shift that a lot of people are no longer saving for their retirements in the banks?

From what I noticed, there are still many people saving money in the bank. You can noticed that with people that are older age.

Some countrys' inflation are very low also which encourage saving, but in other countries, there are people that still save money in the bank also.

The best are investing in bitcoin, stocks, gold snd other valuable assets.

From my own point of view, people will not stop trusting banks as long as there is a government that back up centralized banks. And that the government itself will never stop encouraging people to trust banks instead of saving their funds in digital wallets or using their hard-earned money to invest in bitcoin or other cryptocurrencies that are only known as get-rich-quick scheme.

Saving in banks will never be outdated, most especially that some banks are now leveling up and start integrating bitcoin into their traditional transactions.

[snowpega]

...

Yeah, this is the fact, but some old-minded people still save their money in banks because they don't understand how the traditional system really works. They don't have much significant knowledge about the traditional system. Such people think they really own their money while handing it over to a third party (banks). Banks use their money and build their own empire to become richer day by day. And the money of such people in banks are getting devalued over time which they don't really aware of.

If I talk about myself, I use the traditional banking system when it is needed, but not to hold long-term funds. This is the main difference between those who understand the traditional finance system and those who don't. I can say confidently that those who really understand how these centralized systems work will never hold their long-term funds in their custody.

[Sarah Jordan]

Unlike in the past when a lot of people used to save their money in the bank for many years and be happy to be receiving meagre interests, more people have become financially intelligent and are rather investing their savings. It was only very educated people and very rich people that understood the gains of holding shares of companies, they grew richer as these companies were growing bigger while the financially unintelligent kept saving their money in the bank which depreciates due to inflation.

I believe that the turning point and eye opener for many was the creation of Bitcoin, a lot of people realized that saving their money in the bank for many years was not their best option, they realized that investing the money can hedge against inflation and give them returns on investment. Bitcoin was was the paradigm shift for many to wake up to the reality their money depreciates in value after many years. Word have gone round that money in the bank is no longer the ultimate for long term savings, they have better understanding about inflation and how their money can work for them. I know a lot of ordinary people who were not financially intelligent that are not only holding Bitcoin they are holding shares of many companies both local and international.

Do you also notice the shift that a lot of people are no longer saving for their retirements in the banks?

there was a time a I went to the bank for an upgrade on my account. When I got there I was shocked to see so many people still using these our local banks. And here I was thinking a lot of people has stopped putting or saving their money in the bank. We know these our banks cam be very frustrating and that's why alot people including myself didn't know about buying shares from the bank before now. It's good people have known this and are investing in it. At least they will be having returns from their investment.

[DanWalker]

I disagree with your observation because people who hold their money with the bank are still more than bitcoin holders. I think  that only roughly  4% to 5% of people holds bitcoin around the world, so that little numbers can't make a shift in the banking sector. The percentage will increase as more people hold bitcoin and might take more 30 years to cause the shift you are speculating about to happen, because a alot of people haven't heard of Bitcoin,  let alone use it to hedge against inflation.

So it might take many years before alot of people realise bitcoin can hedge against inflation and keep their money in constant value. So, even though what you speculated might actually happen, it will still take several years for people to trust bitcoin enough before moving thier money out of the bank and save it in bitcoin to preserve the value of their money.

Not yet, but there's a shift where some people are now realizing that there are other options besides keeping money in the bank, one of which is Bitcoin. However, you're right, it will take longer to get more people to invest in Bitcoin.

Compared to 10 years ago, the number of people investing in Bitcoin is steadily increasing, so this is a rapid development. It's also not easy to convince people to switch from one asset to a new one, which initially faces a lot of resistance from governments, which we know wield immense power.

Seems like everyone's forgetting that bank are slowly getting into the Bitcoin space too, including by offering Bitcoin custody services.
And as we have seen, demand for Bitcoin ETFs is massive, while keeping coins on centralized exchanges is still super common. So I wouldn't be surprised if folks end up keeping their BTC at banks down the road.

What I'm saying is , Bitcoin adoption doesn't have to mean banks lose customers or deposits. The only thing that changes might be the asset itself. Instead of saving in fiat like before , people could keep their Bitcoin in bank custody.

[henmark]

Do you also notice the shift that a lot of people are no longer saving for their retirements in the banks?

I disagree with your observation because people who hold their money with the bank are still more than bitcoin holders. I think  that only roughly  4% to 5% of people holds bitcoin around the world, so that little numbers can't make a shift in the banking sector. The percentage will increase as more people hold bitcoin and might take more 30 years to cause the shift you are speculating about to happen, because a alot of people haven't heard of Bitcoin,  let alone use it to hedge against inflation.

So it might take many years before alot of people realise bitcoin can hedge against inflation and keep their money in constant value. So, even though what you speculated might actually happen, it will still take several years for people to trust bitcoin enough before moving thier money out of the bank and save it in bitcoin to preserve the value of their money.

Yes, that is true; it is more than Bitcoin. But for how long? People are putting less money in savings accounts; that's not just a "maybe". Even when the number goes up, it doesn't go up as much as it used to. Back in the day, when there was less money in the world (we printed a lot more since those days), people would all put it in savings as a good way to save money.

Nowadays, even though there is way more money that we printed, we put not all of it in savings, but less. So that means it goes to something else; it could be stocks, bonds, gold, but one of those is also bitcoin. So there will come a day when "other" will be more than savings; maybe even right now it is there. Hence, I do not think that it is silly to think bitcoin holdings could be bigger than savings.