In a mid 2009 survey of 3000 investors, the giant fund group Vanguard found that 21% of stock investors had sold some of their holdings during the recent downturn. Almost as many, 17%, had increased their holdings during the crisis. Only 28% of respondents said that they were completely taken off guard by the crisis. Three-quarters of those surveyed said that they would reduce spending in response to any shortfalls in their retirement savings. Half of the respondents said they would save more and almost that many admitted that they might have to work longer before retirement.

Vanguard reported that, in 2008, 401K participants reduced their equity positions from 73% to 61% but that only 2% of participants had sold all their equities.