More Americans are turning to their investment portfolios to support their spending, according to new research — a shift that researchers say shows household finances are more closely tied to the ups and downs of the stock market.
Over the three months ending in April, 8.2% of individuals transferred money from their investments into their checking accounts, up from 4% during the same period in 2019 and 2.4% in 2015, according to a new report from the JPMorganChase Institute. The economic think tank, which is part of JPMorgan Chase, examined more than 20 million de-identified Chase checking accounts. Those transfers were equivalent to 6.8% of spending from those checking accounts, up from 3.5% in 2019 and 2.3% in 2015.
While the trend is driven largely by older and higher-income individuals, it's become more common across every age and income group included in the study. The transfers are coming from both brokerage accounts and retirement accounts, said George Eckerd, wealth and markets research director for the institute.
"Household wealth in stocks has risen relative to the rest of the economy, and therefore, the connection between financial markets and the real economy can be greater," Eckerd said. "The flows that we're looking at are evidence of that."
The increase in investment withdrawals comes after several years of outsized gains in the stock market. After dropping 19.4% in 2022, the S&P 500 rose 24.2% in 2023, 23.3% in 2024 and 16.4% in 2025, according to S&P Dow Jones Indices. This year, it's up about 12.2% through Sept. 28.
Rising stock prices can encourage spending through what economists call the "wealth effect" — as the value of their investments increases, households may feel financially better off and more willing to spend.
Separate research released Sept. 2 by the Federal Reserve Bank of Atlanta "shows that consumption has become significantly more sensitive to stock market movements over the past three decades, reflecting both the rise in household wealth relative to consumption and the increased importance of equities to household balance sheets," according to the paper.
The authors estimate a sharp stock market decline could weigh on consumer spending through the loss of household wealth — a hypothetical 25% drop in the S&P could result in a 3% decline in consumption, the paper said. Consumer spending generally accounts for roughly two-thirds of U.S. economic activity.
Stock market holdings accounted for nearly one-third of total household assets in the first quarter of 2026, roughly double the share at the beginning of the 2010s, according to the JPMorganChase Institute research.
The study does not offer insight into how households used the money once it reached their checking accounts. In other words, they could be spending it on anything from household bills to splurges or luxury goods. However, it is definitely not being saved, Eckerd said.
"When we're talking about these flows coming in from investments, it's being spent," Eckerd said. "The amount that you're holding in your [checking] account for liquidity is remaining stable, so these flows coming in are passing directly through to spending."
Among people in the top 10% by income, 20.3% made net withdrawals from investment accounts in the three months ending April 2026, up from 6.6% in the same period in 2015, according to the JPMorganChase Institute research. Among those with incomes below the median, the share increased to 4.1% from 1.1%.
The differences were particularly pronounced among older Americans. Among those age 65 or older in the top 10% income group, 37.3% made net withdrawals from investment accounts in 2025, compared with 24.5% in 2019. The investment flows were equivalent to 14.9% of that group's spending, up from 8% in 2019.
The long-term shift away from traditional pensions and toward defined-contribution plans such as 401(k)s may also contribute to the increase, according to the research.
But younger savers are increasingly moving money out of investment accounts and spending it as well.
For example, among 25- to 44-year-olds with below-median incomes, 7.1% made net withdrawals from investment accounts in 2025, up from 2.9% in 2019, the JPMorganChase Institute research found. For those in that age group in the 50th to 90th percentile of income, the jump was to 14.3% from 7.3%. Among the top 10% income group, the share increased to 24.2% from 15.8%.
The increase in investment withdrawals from some individuals mirrors an increase in transfers to investment accounts from others, according to the research. For example, among 25- to 44-year-olds, the share who are net investors rose to 16.6% in 2025 from 8.5% in 2019.
And while older individuals are more likely to spend from investments due to typical life-cycle patterns, "the rise in two-way flows suggests that investment accounts are becoming a more active and relevant part of people's financial lives across the lifecycle," the research found.
