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The current economic climate has curbed many investors’ appetites for risk, according to a new survey.

TD Ameritrade Holding Corporation (NYSE: AMTD), Omaha, Neb., released this finding in a survey of 1,035 investors who have at least $10,000 in investable assets and own securities in brokerage accounts. Conducted by Research Now, London, U.K., the survey polled investors to learn their views on economic conditions and market outlook.

When asked what changes they made to the way they’ve invested in the markets over the past six months, 34% of investors surveyed said they had taken on less risk. That’s compared to 22% who answered the same just three months ago.

Looking ahead to the next three months, nearly half (47%) of investors said their outlook for investing conditions in the U.S. stock market is “optimistic,” compared to 66% who said the same back in April.

When asked what they would have done differently before the recession of 2008-2009, many survey respondents said they would have changed the way they managed their money. Specifically:

71% would have spent less and saved more.

65% would have lived within their means.

60% would have taken more personal responsibility for managing their money.

More than 8 in 10 (86%) of the respondents said they contributed the same amount as usual or more to their IRA over the past six months.

“The slow recovery of the U.S. economy, Europe and its ramifications on global and domestic economies, and the political situation in the U.S. are all weighing heavily on the minds of retail investors,” said Tom Bradley, president of retail distribution, TD Ameritrade, Inc. “Despite the bearish sentiment, our clients continue to monitor accounts at levels similar to last year, but they’re waiting for a little more clarity on key issues before they completely engage.”