Despite the fact that the economy is “closed,” unemployment is record high and three-quarters (75%) fear to leave their home for essential errands, Americans have unbridled confidence in the markets.
Nearly half of Americans (48%) currently have investments in the stock market – with (31%) of Americans reporting they have invested in the stock market through retirement or educational savings accounts and (26%) have invested directly in the stock market.
Younger Americans are more bullish: Understandably, Gen Z/Millennials and Gen X are more likely than Boomers and Seniors to say that they have put more money into the stock market than older people who want to avoid volatility (30% and 31% vs 16% and 13%).
Meanwhile, many are dipping into their retirement savings: Nearly a quarter (22%) have had to because of COVID-19, especially Americans with an annual HHI of $75k+ (26% vs 19% of HHI $50K) as well as urbanites (35% vs 16% suburban and 15% rural).
Men are the most bullish: Nearly half of men (46%) say the stock market will go up over the next year (vs 29% women) while nearly a third of men (27%) have tapped their retirement savings because of COVID-19 (vs only 17% of women).
This survey (Wave 11) was conducted online within the U.S. by The Harris Poll from May 8 – 10 among a nationally representative sample of 2,030 U.S. adults.