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Illustration: Sarah Grillo/Axios

Nearly 50% of Americans now say the stock market is "rigged against individual investors," a new survey from Bankrate.com and YouGov shows — and surprisingly a solid majority of those investing in the stock market (56%) believe the market is rigged as well.

Why it matters: Underlying the results is "widening wealth inequality where young people in particular just may not have a sense of hope or fairness in the markets," Greg McBride, Bankrate.com's chief financial analyst, told Axios.

  • "This recession, even more so than most recessions, has widened the gap between the haves and the have-nots, and the recovery that we’re seeing is very much a K-shaped recovery, the fortunes of some are worse than ever, the fortunes of others are better than ever."

In addition to the growing wealth inequality seen since last March, people are also talking much more about the subject, says former Federal Reserve economist Vincent Reinhart.

  • "If we’re talking more about wealth inequality, it wouldn’t be surprising that that conversation included, 'What is it about the system that prevents a more equal distribution of wealth?'" Reinhart, now chief economist at Mellon, a subsidiary of $2 trillion asset manager BNY Mellon, tells Axios.
  • "One part of it is if you start with a pool of wealth, you have something to accumulate more wealth upon. If you start without one, you don’t."

Details: Just 13% of those surveyed (more than 2,500 U.S. adults, weighted by quotas to provide a nationally representative sample) disagreed with the idea that the stock market is rigged against individual investors, and just 5% strongly disagreed.

Yes, but: The survey's respondents are largely individual investors, not big-money institutional or professional asset managers.

Between the lines: Those with higher levels of education were most likely to agree that the stock market was rigged, with 58% of those with a college degree or more saying the fix was in against mom and pop investors.

  • Americans with higher incomes also were more likely to agree — 53% of those from households with income of $50,000 or more annually said the market was rigged.

Watch this space: "One negative consequence is that … you see a lot of risk-taking behavior," McBride said.

  • "Certainly the GameStop frenzy over the last couple months, particularly in late January, the notion of squeezing the hedge funds or other institutional investors."
  • "That idea of individual investors banding together to go up against whoever they perceive as the villain, I think that could likely be a consequence of that sentiment."

Go deeper

Updated 49 mins ago - Politics & Policy

Cuomo's former chief counsel joins calls for him to resign after damning report

Photo: Spencer Platt/AFP via Getty Images

New York Gov. Andrew Cuomo's (D) former chief counsel joined top Democratic lawmakers on Tuesday in calling for him to resign after an independent investigation concluded the governor sexually harassed multiple women in violation of federal and state law.

The latest: Alphonso David, who is now president of the LGBTQ advocacy group Human Rights Campaign, called the report authored by investigators "devastating" and echoed others' comments in decrying Cuomo's "pattern of sexual harassment."

Cuomo accuser speaks out, calls denials "dangerous," "victim blaming"

Andrew Cuomo. Photo: Lev Radin/Pacific Press/LightRocket via Getty Images

A former aide to New York Gov. Andrew Cuomo, who accused him of sexual harassment, spoke out against his earlier denial of inappropriate behavior, telling CBS News that the lawmaker's comments were "dangerous" and "victim blaming."

Driving the news: At a press conference earlier Tuesday, Cuomo specifically addressed the allegations made by his ex-aide, Charlotte Bennett, admitting he "did ask her questions I don't normally ask people," but he flatly denied other details of her allegations.

CDC extends ban on evictions until October after protests

Demonstrators gather during a protest against the expiration of the eviction moratorium outside of the U.S. Capitol in Washington, D.C., U.S., on Sunday, Aug. 1. Photo: Bloomberg via Getty Images

The Centers for Disease Control and Prevention issued an order on Tuesday barring evictions for most of the U.S. through Oct. 3.

The big picture: The moratorium will temporarily halt evictions in counties with "substantial and high levels" of coronavirus cases, which should cover areas where 90% of the U.S. population lives, per AP.