Research firm Spectrem Group said despite the highflying stockmarket, the percentage of 401(k) assets in equities remainsconsiderably lower than before the 2008 economic crisis.

In 2012, 401(k) plan participants held 36% of their assets indiversified equities and another 13% in company stock, according toSpectrem in Chicago.

That's a full 10 percentage points less than in 2006, when theseinvestors had 40% of their assets in diversified stocks and another19% in company stock, the firm said.

Investors have become less conservative with their retirement funds since 2008, when 401(k) plan participants heldjust 29% of their assets in equities and 13% in company stock,Spectrem said.

While 401(k) participants trimmed assets in money market fundsto 21% of their total in 2012 versus 32% in 2008, they are stillare keeping more funds liquid than in 2006, when just 16% of theirassets were invested in money market funds.

“The 2008 economic crisis was a defining moment for mostinvestors, and it continues to affect their investmentdecisions today,” said George H. Walper Jr., president of Spectrem.“The impact is especially evident in how they are managing their401 (k) assets and in their worries about being able toretire.”

Nearly half, or 46%, of plan participants who are closest toretirement age, from 55 to 64, said their household is not savingenough to meet their financial goals, Spectrem said. In contrast,just 35% of plan participants in that age group fully expect tohave sufficient income to live comfortably during retirement.