||MUTUAL FUNDS BY HOLDER, 1998 AND 2002|
|Nonfinancial corporate business||95.5||90.5|
|State and local governments||21.3||26.0|
|Bank personal trusts and estates||344.7||303.1|
|Life insurance companies||23.3||38.0|
|Private pension funds||668.2||533.5|
Source: Board of Governors of the Federal Reserve System.
- According to the Securities Industry Association, in 2001, 77 percent of households’ liquid financial assets — those readily convertible to cash — were in securities products and just 23 percent in bank deposits and CDs. In 1985, 52 percent were in bank deposits.