The Vanguard study makes some interesting conclusions from the results of its survey, including that investors who are more dependent on the work of financial advisers and those who invest only in tax-deferred retirement plans are less likely to panic. Fully three-quarters of survey respondents were strongly or somewhat aware that large market declines are possible. Half of all respondents felt the risks inherent to investing were worth taking in order to realize long-term gains. Another 50% of respondents felt that during this period of time the stock markets were riskier than in past years. Many respondents also felt their retirement was somewhat impaired by the “crash”, and their responses were tied to similar factors, including how near they were to retirement, how secure they felt in their current job or career path, and their housing/mortgage situation.