Gallup's measure of consumer stock ownership is based on a question asking respondents about any individual stocks they may own, as well as stocks included in a mutual fund or retirement savings account, like a 401(k) or IRA.
Stock ownership is strongly correlated with household income, formal education, age and race.
Stock ownership was more common from 2001 to 2008 when an average 62% of U.S. adults said they owned stock -- but it fell after the 2007-2009 recession and has not fully rebounded.
In 2021, the percentages owning stock range from highs of 89% of adults in households earning $100,000 or more and 84% of those with postgraduate education to lows of 24% of those in households earning less than $40,000 and 29% of Hispanic adults.
From:
What Percentage of Americans Owns Stock?
The big stock market dive of 2006 had a lot to do with middle income folks leaving the stock market in droves. Many if not most have shied away aver since IMHO.