Households Tap Investment Accounts to Fund Everyday Spending

A new trend is emerging in consumer spending as households increasingly fund their everyday expenses from investment accounts. Research by the JPMorganChase Institute shows that over three months ending April, 8.2% of individuals transferred money from investments to checking accounts, a significant increase from 4% in 2019.

These investment-to-checking transfers now represent 6.8% of spending from those accounts, nearly doubling since 2019 as the trend accelerates across all age and income groups. The study found that high-income seniors are driving this trend, with 37.3% making net withdrawals in 2025, up from 24.5% in 2019.

The trend is also seen among younger savers, with 7.1% of 25- to 44-year-olds with below-median incomes making net withdrawals in 2025, up from 2.9% in 2019. The study attributes this increase to the wealth effect, where households feel more financially secure as portfolio values grow.

George Eckerd, wealth and markets research director for the institute, notes that the funds are being spent rather than held as extra cash. He also mentions that checking account liquidity remains stable, indicating the incoming investment flows are moving directly into consumption.