Less people are invested in the stock market today than at any time in nearly the last two decades. The impact of the market might hurt employee wages and job prospects but it is less likely to hurt their stock portfolio because they don't have one. According to the U.S. Federal Reserve only 48% of Americans own stocks, which is down from an '07 peak of 65% (includes nondirect investments such as mutual funds in 401(k) accounts). Even fewer Americans, 14%, own individual stocks.