Keeping a share of the market The ASX's share ownership survey shows that only 38 per cent of adults now own shares directly or indirectly. AUSTRALIANS have been fleeing the share market. More correctly, some Australians have been. That's the lowest it's been, at least since the early 1990s, and down from 43 per cent in 2010 and the peak of 55 per cent in 2004. The obvious reason is the impact of the GFC. Many would have left the share market or been forced to leave if they needed the cash. This would have been reinforced by the appeal of high-interest, absolutely safe - guaranteed by the government - bank deposits. Money poured out of the market into them, then. And may be in the process of being at least partially reversed, as money switches from lower-interest deposits to now higher-yielding bank shares. Another factor I suggest is the growth of superannuation, with many - especially lower income earners - prepared to let their super balances grow as their only form of direct investment outside the family home or investment property. This is reinforced by the detail in the survey, which showed that the drop in share ownership was greater the lower the income level. Very importantly though, almost every Australian remains an investor in the sharemarket, whether they really know it or not, whether they really intend it or not, precisely through their super.