April 09--More than half of Americans avoid the stock market, according to a survey published Thursday.
Of those 52 percent who are steering clear, more than half -- 53 percent -- said it's because they don't have the money to invest, according to the Bankrate.com survey. People with incomes under $30,000 per year were the most likely to cite a lack of sufficient funds as their reason for staying out of the market.
Other reasons Americans reported not investing include insufficient knowledge about stocks, 21 percent; a lack of trust in stock brokers or advisers, 9 percent; concerns about risk, 7 percent; and fear of high fees, 2 percent.
Almost 60 percent of those who avoid the stock market are age 65 and older. Millennials, on the other hand were least likely to say they don't have the money, the survey found.
"Stocks aren't only for the rich; even if you start small, investing in stocks through mutual funds or ETFs (exchange traded funds) can help you build wealth over the long term," said Claes Bell, a Bankrate.com banking analyst. "They key is to have an investment plan in place that aligns your investments with your risk tolerance and goals."
Bankrate's survey was conducted in March by Princeton Survey Research Associates International, which conducted telephone interviews with more than 1,000 adults living in the continental U.S.
crshropshire@tribpub.com
