Even as record amounts of money flow into equity markets, fewer U.S. investors own stocks, likely because the memory of the 2008-2009 financial crisis lingers in their memory.

According to a recent Gallup poll, the number of Americans holding stock has declined from 62 percent before the financial crisis to 54 percent today. Stock ownership declined among all age groups except post-retirees.

In 2017, 54 percent of all Americans held stocks, up from the survey low of 52 percent in 2013 and 2016.

Income is a predictive factor in stock ownership. While only 21 percent of American households with income less than $30,000 own stocks, 89 percent of those with more than $100,000 or more in income hold stocks. Gallup notes that all respondents in income groups below $100,000 are now less likely to hold stocks than they were from 2001 to 2008.

Gallup notes that in the U.S. equity market’s extraordinary run since the bottom of the financial crisis on March 9, 2009, fewer Americans have benefitted from market returns. The recent run has not necessarily convinced investors to get back into stocks.

In Gallup’s survey, stock ownership changes were also predictable by age group: Younger investors have stopped investing in stocks in higher numbers than older investors. Stock ownership declined by 11 percentage points among the survey’s 18- to 29-year-old demographic segment, from 42 percent before the crisis to 31 percent after the crisis

Since the crisis, the number of investors older than 65 who allocate to equities increased from 53 percent before the crisis to 54 percent in 2017.

The number of middle aged respondents, ages 30 to 49, invested in equities declined from 71 percent to 62 percent, while the proportion of pre-retirees investing in stocks declined from 69 percent to 62 percent.

Men were more likely to eliminate their allocation to stocks than women: While the proportion of women investing in stocks declined from 59 percent to 52 percent, the percentage of men using equities declined 9 percentage points from 65 percent to 56 percent.

For the study, Gallup conducts telephone interviews each April as part of its annual Economy and Personal Finance Survey, generating a combined sample of 18,336 randomly selected U.S. adults.