Why don't nearly half of Americans have any investments?

New research from global asset manager Janus Henderson underscores a significant gap between Americans' financial aspirations and actions, with nearly half saying they have no investment assets whasoever.

The findings, detailed in the company’s "Risky Business? What Makes You Invest (or Not)" report, found 48 percent of Americans do not hold any investment assets. Underpinning that is a very real struggle to engage with investment products due to various factors, including a lack of understanding and competing financial obligations.

According to the report, 30 percent of those not investing pointed to a lack of knowledge about how to invest as a primary reason.

"It's clear that a lack of understanding around how to invest is still playing a large part in the financial planning behaviors and decisions of the US population," Ben Rizzuto, wealth strategist at Janus Henderson, said in a statement.

Other common barriers included a preference for keeping funds in more liquid options like savings or checking accounts (38 percent), financial commitments such as debts (30 percent), and a self-professed lack of means to get started (28 percent).

When asked what would encourage them to invest sooner, 56 percent of sideline-sitters cited the idea of having more disposable income. Access to information and education about investing was a distant but clear second, shared by 29 percent, followed by improved confidence in the financial markets, noted by 24 percent.

The survey also found other reasons to be optimistic about future participation. Forty-six percent of respondents shared a desire to invest in the future, and 22 percent plan to start within the next three years.

Still, there remains a generational divide, with 33 percent of Gen Z non-investors stating they never intend to invest, and 17 percent delaying plans indefinitely. On the plus side, three-quarters (74 percent) said they would consider using a financial advisor, ahead of other generations.

The survey also highlighted gender disparities in investment behavior, with only 40 percent of women holding investments compared to 65 percent of men. Female respondents were also more likely to cite a lack of knowledge as a barrier to investing, with 23 percent indicating it as a key obstacle.

"Investing is a crucial pillar of individual financial planning and can be a key route to financial empowerment," Rizzuto added.