Most Americans are steering clear of stocks
More Americans appear to be opting out when it comes to Wall Street. Despite the economic recovery and a record bull market, a new report suggests many potential investors remain on the sidelines, saying they still feel economically pinched.
The phone survey of over 1,000 adults living in the continental U.S., commissioned by Bankrate.com, found that 52 percent of Americans aren't currently investing in the stock market. And 53 percent of the respondents who said they didn't invest cited a lack of funds as their primary reason.
About one-fifth said they didn't know enough about stocks to invest. Nine percent lacked trust in stockbrokers or financial advisors, with 17 percent of people ages 50 to 64, more than any other age group, citing this distrust as a reason.
Another 7 percent of those polled said they felt the stock market remained too risky, and 2 percent feared high fees.
Despite the new online and mobile apps that allow consumers to monitor their funds from home or while on the move, around one-third of investors said they checked their investment or retirement accounts only once a month.
But the survey noted that smartphones and other new technologies are letting Americans have closer scrutiny of their bank accounts. The Bankrate survey said 31 percent of respondents checked those funds online once a week, while 28 percent said they went online to monitor their bank accounts at least once a day.