Why did millions of people lose their savings after1929?

Millions of people lost their savings after 1929 primarily due to the Stock Market crash, which triggered the Great Depression. As stock prices plummeted, many investors faced massive losses, leading to widespread bank failures. Banks, having invested depositor funds in the stock market, could not return savings when customers rushed to withdraw their money. This loss of confidence in financial institutions further devastated the economy, causing many individuals to lose their life savings.