Indeed, the vast majority of Americans have no exposure to equities, or limited exposure through a 401k or a pension. "Be a shame if something happened to these meager rows in a database we've been conning you is the path to financial independence and security. Won't you think of your crumbs?" But I digress. TLDR If the equities market implodes, it'll be mostly fine. The stock market is not the economy [1] [2]. The economy is demand for goods and services.
(and I say this as someone with more exposure to the capital markets than most Americans, while hedging against irrationality, voting vs weighing machine and all that)
[1] https://www.google.com/search?q=the+stock+market+is+not+the+...
[2] https://fredblog.stlouisfed.org/2019/08/the-stock-market-is-...
(and I say this as someone with more exposure to the capital markets than most Americans, while hedging against irrationality, voting vs weighing machine and all that)