根据一项新的研究，越来越多的美国人开始动用其投资组合来支撑日常开支。研究人员表示，这一转变表明家庭财务状况与股市的波动联系得更加紧密。
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.
摩根大通研究所（JPMorganChase Institute）发布的一份新报告显示，在截至4月份的三个月里，有8.2%的个人将资金从投资账户转入支票账户，而2019年同期这一比例为4%，2015年为2.4%。作为摩根大通旗下的经济智库，该机构对超过2000万个去标识化的摩根大通支票账户进行了分析。这些转账金额相当于这些支票账户支出总额的6.8%，高于2019年的3.5%和2015年的2.3%。
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.
尽管这一趋势主要由年龄较大和收入较高的人群推动，但在研究涵盖的所有年龄段和收入群体中，这种情况都变得越来越普遍。该研究所财富与市场研究主管乔治·埃克德（George Eckerd）表示，这些资金既来自经纪账户，也来自退休账户。
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.
“家庭股票财富相对于经济其他部分有所增长，因此，金融市场与实体经济之间的联系可能会变得更加紧密，”埃克德说道，“我们所观察到的资金流动正是这一点的证据。”在经历了股市多年的超额收益后，投资提款额出现了增长。根据标普道琼斯指数的数据，标普500指数在2022年下跌19.4%后，于2023年上涨24.2%，2024年上涨23.3%，2025年上涨16.4%。今年截至9月28日，该指数已上涨约12.2%。
"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.
股价上涨可以通过经济学家所称的“财富效应”来刺激消费——随着投资价值的增加，家庭可能会感到财务状况更好，从而更愿意消费。
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.
亚特兰大联邦储备银行于9月2日发布的一项独立研究显示，该报告指出，“过去三十年来，消费对股市波动的敏感度显著增强，这既反映了家庭财富相对于消费的增长，也反映了股票在家庭资产负债表中的重要性日益提升。”
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.
报告作者估计，股市的大幅下跌可能会通过家庭财富缩水而拖累消费者支出——报告称，假设标普500指数下跌25%，可能会导致消费下降3%。消费者支出通常占美国经济活动的三分之二左右。
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.
根据摩根大通研究所的研究，2026年第一季度，股票持有量占家庭总资产的近三分之一，约为2010年代初占比的两倍。
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.
该研究并未深入探讨家庭在资金进入支票账户后的具体用途。换句话说，他们可能将这些钱用于支付家庭账单、挥霍消费或购买奢侈品等任何用途。然而，埃克德（Eckerd）表示，这些钱绝对没有被存起来。
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.
“当我们谈论这些来自投资的资金流入时，它们都被花掉了，”埃克德说。“你留在（支票）账户中用于流动性的金额保持稳定，因此这些流入的资金直接转化为支出。”当我们谈论这些来自投资的资金流入时，它们都被花掉了。乔治·埃克德（George Eckerd），摩根大通研究所财富与市场研究总监。根据摩根大通研究所的研究，在收入排名前10%的人群中，截至2026年4月的三个月内，有20.3%的人从投资账户中进行了净提款，高于2015年同期的6.6%。在收入低于中位数的人群中，这一比例从1.1%上升至4.1%。
"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." When we're talking about these flows coming in from investments, it's being spent. George EckerdWealth and markets research director for the JPMorganChase Institute 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%.
这些差异在老年美国人中尤为明显：在收入最高的10%人群中（年龄在65岁及以上），2025年有37.3%的人从投资账户中提取了资金，而2019年这一比例为24.5%；这些提取的资金占该群体总支出的14.9%，高于2019年的8%。
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.
根据研究，这种长期趋势——即人们逐渐放弃传统的养老金制度，转而选择401(k)等固定缴费型养老金计划——可能是导致这一现象的原因之一。
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.
不过，年轻储蓄者也越来越多地将资金从投资账户中取出并用于消费。例如，摩根大通研究所发现，在收入低于中等水平的25至44岁人群中，2025年有7.1%的人从投资账户中提取了资金，而2019年这一比例为2.9%；在同一年龄段的收入处于第50%至第90%区间的人群中，这一比例从2019年的7.3%上升到了2025年的14.3%；而在收入最高的10%人群中，这一比例从2019年的15.8%上升到了2025年的24.2%。
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%.
研究还指出，某些人从投资账户中提取资金的同时，也有更多的人将资金转入投资账户。以25至44岁的人群为例，2025年净投资者的比例从2019年的8.5%上升到了16.6%。
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.
尽管由于生命周期的规律，老年人更倾向于从投资中支取资金，但研究认为：“这种双向资金流动的增加表明，投资账户正在成为人们整个生命周期中更为重要和活跃的财务组成部分。”
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.