A survey concludes that some older Americans have become skittish about the value of their investments, even though the equity markets have been running strong.

Only 19% of mutual fund investors over the age of 65 said they were "very confident" their investments would increase in value over the next year, according to the survey, sponsored by Aetna Life Insurance and Annuity Co., Hartford, Conn.

That's compared to 26% who felt that way six months ago.

The reason may be the bullish market itself, the survey concluded. Many of the older respondents said the upward spiral of the stock market reminded them of events that led up to the Great Depression.

Some 300 mutual fund investors, of various ages, participated in the telephone survey. The survey is conducted twice a year by Research Corporation of America, Conshohocken, Pa.

Overall, 30% of those surveyed were "very confident" that their investment would be worth more - a 3% increase over six months ago.

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