Some millennials are dipping their toes into investing, but most are reluctant to take the plunge into equity markets.

According to a recent study by New York-based, a consumer finance website, just 33 percent of millennials ages 18 to 35 say that they own stocks.

Other generations are more likely to own stocks, but are still not broadly participating in the markets. According to the study, 51 percent of Gen Xers, between the ages of 36 and 51, own stocks, and just 48 percent of baby boomers, ages 52 to 70, said the same.

Many millennials are investing as they start their careers -- 44 percent of the survey’s respondents between the ages of 26 and 35 said they invest, compared with 18 percent of those ages 18 to 25.

More than half of the survey’s overall respondents, 54 percent, said that they do not invest at all.

The most common reason for not investing is the belief that they do not have sufficient money, cited by 48 percent of respondents, followed by not knowing enough about stocks to invest, cited by 25 percent of the respondents. Other reasons included a belief that stocks are too risky, cited by 11 percent, not trusting brokers and advisors, cited by 2 percent, and a fear of high fees, cited by 1 percent.

Income, not age, was the clearest indicator of whether an individual had invested. Among respondents with incomes of more than $75,000, 73 percent said they were invested in the market, compared with 9 percent of those earning less than $30,000.

Education was also a reliable indicator of a person’s likelihood of being an investor. While 61 percent of respondents with a college education reported investing in the market, just 29 percent of those with a high school education or less said they were investing.

The survey was conducted via telephone interviews with 1,000 adults in the U.S. from June 16-19, 2016.