[JumpCrisscross]

> 53% of Americans own publicly traded stock, but that means that 47% do not

Does that include 401(k)s and pensions?

[dhosek]

Yes. 401(k)s but not pensions. The latter are defined benefit programs where participants are not responsible for making investment decisions.

[foolofat00k]

Very probably, yes. I'd be shocked if more than 60% of Americans even have a 401k/pension, let alone one with any meaningful sum invested.