You might expect that Americans are excited about the stock market’s future, given the recent record highs of the S&P 500 index and Dow Jones industrial average. A Bankrate survey shows that you would be wrong.

Real estate was the top choice when we asked people to choose the best investment for money that they would not need in more than ten years. Cash investments such as savings and CDs were next.

A well-diversified portfolio should include stocks and bonds as well as some alternative investments, such real estate.

Stocks were a distant second, tied with precious metals and gold.

The experts’ recommendations for the best long-term investment strategies are not reflected in these preferences.

Stocks are not loved by many

Bankrate’s survey data shows that the bull market which began in 2009 continues to this day. However, it has not yet affected Americans’ perceptions about the market.

In 2013, 14% of Americans said that stocks were the best investment for the long term. This was relatively early in the bull run. Currently, only 16% of Americans feel this way.

Michael Weinfeld is a retired journalist who lives in Herndon (Virginia).

He claims that despite experiencing his fair share market volatility, including losing half his daughter’s fund for college to the 1987 stock market crash, he has made big gains in the long run by holding tight.

Weinfeld says, “I have been riding the stock markets ups and downs since the middle of the ’80s and I’ve learnt a lot on how to weather these disasters.” As long as you diversify your portfolio and wait for the market to recover, history has shown that it will.

You can see and feel the product. You can see and touch the product. You know exactly where your money goes: it’s in that house. You have no idea where your money goes when you invest in stocks.

Find the best financial advisor today for you to get the best returns on your stock market investments.

Market bumps still sting for many

Brad Barber is a professor of Finance at the University of California Davis. He attributes the relative lack of popularity of stocks to the residual suspicions from the dotcom bust of early 2000s, and the financial crises of 2008-2009.

Barber says that if you are born in a time when the market is turbulent, you will be less inclined to invest.

Avani Ramnani is the director of financial planning at Francis Financial and a CFP.

Ramnani advises: “You should have a well-diversified portfolio, which includes stocks, bonds, alternative investments and real estate.”

She says that over the long term, the stock market has returned between 6-7% with a diversified investment portfolio. This is better than many of the options for investing that were more popular according to our poll.

Security of financial assets is improving

The stock market may not be a favorite of Americans, but the present looks pretty good. The Bankrate Financial Security Index, based on questions asked about debt, savings and net worth as well as job security, shows that Americans continue to feel better about their financial status.

Greg McBride CFA, Bankrate’s chief financial analyst, said that despite the strong June employment report released during the week of our survey, feelings about job security have dropped this month.

The readings were not as positive as they had been in recent months, but the Americans still feel more secure about their jobs than a year earlier.

Bankrate’s Financial Security Index was compiled using five monthly survey questions. These questions track Americans’ feelings regarding their job security and financial status, including debt, networth, and savings. A score above 100 indicates improved financial security. A score below 100 indicates weaker financial stability.

Put your money where you house is

In our survey, real estate was the most popular option for long-term investment. A quarter of Americans chose it.

Sterling White, the co-founder and CEO of Holdfolio a real estate investing firm, says that makes sense.

“Houses can be felt” You can see and touch the product. “You know exactly where your money goes: it’s in that house,” White says. With stocks, you don’t know where your money goes.

White sees real estate also as a refuge from the volatility and disruptions of the stock exchange.

Ramnani of Francis Financial says that it has some obvious downsides.

It is an illiquid investment. You can’t turn it around in a day. “It takes time to sell”, she says. When you’re in a hurry to get money, it is hard to predict what the market will do.

And unlike other intangible assets such as stocks or bonds, an owner cannot simply leave a property online and forget it.

Ramnani points out that there is a cost element. You have to maintain the system.

Cash and Carry

Cash investments are valued by millennials more than any other generation. 32% of those aged 18 to 35, and 43% of the younger millennials, ages 18-25, endorsed cash.

Ramnani is “concerned” that many people believe that deposit accounts are a good long-term investment. While they do protect against losses, the account does not protect the investor from inflation which will make their money less valuable.

She says that cash investments such as savings accounts and CDs are yielding almost no interest right now.

Barber, a UC Davis professor, believes that Americans’ pessimism about the economy is what drives them to cash.

He says, “My hunch tells me that during periods of high risk or uncertainty, cash is the preferred safe haven.”

Golden Touch

Barber says that the fact that gold and stocks are tied for popularity in our survey is a powerful indicator of investor uncertainty about the future.

He says that “gold has always been seen by many as a safe place.”

Even so, it’s not a great investment. Investors have a bad track record of creating wealth with this glittering precious metal.

Barber believes that gold has little place in traditional portfolios. It’s not a good investment. It’s more of a commodity. This is more folklore, than good economics.