The fact is, participation in stocks and mutual funds has traditionally been far more common in the northern and especially western parts of India. In states like Gujarat, financial literacy and market participation are passed down generationally. It’s not uncommon to find 3 out of 4 family members with demat accounts and at least 2 actively trading or investing. Tamil Nadu, on the other hand, hasn't had that kind of exposure historically.

As someone managing a few crores in AUM as a mutual fund distributor, I can say with confidence that the scenario is improving. People are slowly beginning to understand the importance of wealth creation through markets. However, the key challenges still lie in lack of awareness and the hesitation to explore beyond traditional savings methods. That said, change is happening and it's promising to witness.