On average, household retirement assets are conservatively invested with an emphasis on cash (55 percent) over equities (30 percent) and fixed-income instruments (15 percent.) Within qualified plans, a disparity emerges between self-directed and professionally advised portfolios. Advised portfolios were more heavily weighted to equities (40 percent) and fixed income (21 percent) while non-advised portfolios had a pronounced bias toward cash (60 percent), Putnam found.

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