According to research from the JPMorganChase Institute, a growing share of Americans are transferring funds from their investment portfolios to checking accounts to support spending. During the three months ending in April, 8.2% of individuals examined made such transfers, up from 4% during the same period in 2019 and 2.4% in 2015. These transfers represented 6.8% of total spending from those checking accounts, compared to 3.5% in 2019 and 2.3% in 2015. The study analyzed more than 20 million de-identified Chase checking accounts.
The trend spans both brokerage and retirement accounts and is becoming more prevalent across every age and income demographic, though higher-income and older individuals remain the primary drivers. Among those in the top 10% by income, 20.3% made net withdrawals from investment accounts during the period ending in April 2026, up from 6.6% in the same period in 2015. For people with below-median incomes, the share increased to 4.1% from 1.1%. Particularly notable increases appeared among Americans age 65 and older in the top income tier, with 37.3% making net withdrawals in 2025 compared to 24.5% in 2019.
Researchers attribute the increase partly to substantial stock market gains in recent years. The S&P 500 rose 24.2% in 2023, 23.3% in 2024, and 16.4% in 2025, contributing to a wealth effect that encourages households to spend as their portfolio values increase. Stock market holdings now account for nearly one-third of total household assets in the first quarter of this year, roughly double the share from the beginning of the 2010s. Federal Reserve research suggests consumption has become significantly more sensitive to stock market movements over the past three decades.
Younger Americans are also increasingly withdrawing from investment accounts to fund spending. Among 25- to 44-year-olds with below-median incomes, 7.1% made net withdrawals in 2025, up from 2.9% in 2019. The research indicates investment accounts are becoming more actively used across the lifecycle, with shifting patterns in both withdrawals and deposits suggesting these accounts play a larger role in daily financial management than in prior years.
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