Retail investors are starting to play the stock market for 'entertainment,' says behavioral finance pro (via ETFEdgeCNBC)
"In March and April, we were definitely seeing people getting a little bit more conservative, especially around having cash positions or emergency funds and wanting those to be available on shorter notice," Egan said.of 5,005 U.S. investors conducted by Betterment found that 78% did not take money out of the markets from March to mid-April. Of the 20% who did, nearly half said they would only reinvest when the market was either fully corrected or had begun to correct.
With professional sports, film and television productions, indoor activities and other entertainment options largely on hold due to the pandemic, people have been looking for a sense of community, he said. "From a budget point of view, but also from a 'What else are you going to do with your time?' point of view, it's been a good time to be somebody who helps clients manage their money," he said.
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