As the stock market continues to plunge one day and soar the next, a new survey shows that over half of all Americans have some stake in the results at the New York Stock Exchange.
In a new survey from the Pew Research Center, 52 percent of all U.S. families have either direct or indirect investments in the stock market. Direct investments, such as private holdings via a stock broker, were much lower than indirect investments, such as a person’s 401k through their employer.
Still, there were large differences in demographics for who participates in the stock market. While over 60 percent of white Americans have investments in the market, only 31 percent of black Americans and 28 percent of Hispanic Americans responded that they invested. Income level also was a key factor, where 88 percent of people making over $100,000 a year invested compared to just 44 percent of those making between $35,000 and $53,000.
As stock market prices fluctuate amidst the global coronavirus pandemic, many experts suggest Americans should hold on to long-term investments such as 401k’s or retirement funds. With Congress potentially waiving early withdrawal fees for these investments, however, some Americans may need to dip into these funds or potentially exit all assets from the market if the crisis continues to impact them financially.
