Despite the decline, Australia is still the country with the second highest percentage of people owning shares in the world. Only the United States has a higher percentage, at 45 per cent.
The decline reflected investors' response to recent market volatility, the stock market company said.
The level of investors who have invested in shares directly has remained stable at 25 per cent.
The study was conducted in November and December of last year among 2400 Australians.
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It also surveyed the attitudes and behaviour of former shareholders. This group made up 15 per cent of respondents, and almost half of them expressed the intention to return to the market at some point in time.
