How are investors financially responding to the coronavirus pandemic? Sixty-six percent of participants in a Bankrate study responded to the COVID-inspired market volatility by not taking any action.
The New York-based consumer financial services company surveyed 2,468 people on their household spending and investing. Out of all the participants, 1,175 have retirement and investing accounts.
A small percentage (13%) took the market drop as an opportunity to invest more. Only 11% moved out of stocks. Bankrate did not report whether the participants went into cash or bonds next.
The generation that capitalized on the down market the most were Millennials (24%). Only 13% of Gen-Xers and 5% of baby boomers invested more money, according to the study. Millennials are getting savvier with investing, but they were also the most spooked by the market fall: 15% moved money out of stocks compared to 12% of Gen-Xers and 8% of baby boomers.