Individuals didn't invest in stocks so much as "play the market."

"We are about 85 percent invested" in stocks now, he said.

Up to 10 percent of assets can be invested in common stocks.

So they stay invested in stocks, hoping for the best.

Many, too, would not invest in stocks without being able to share the risk with others.

But a poor person has to take the higher risk of investing in stocks.

"But I don't think any programs forced you to invest in stocks for children close to college age."

She does not plan to invest new money in stocks.

"But a lot of guys who invest in stocks and bonds think the best years are behind them, too."

Those investing in Japanese stocks alone fell 9.93 percent, on average.