This story suggests (to me) that number is high, rapidly decreasing, and somewhat misleading, since it includes people with any level of 401k/similar. What’s your source?

http://www.businessinsider.com/why-so-few-millennials-invest...

I read in the Seattle Times recently, sorry I don't remember the particular article. The figure did include indirect investments, such as via pension plans.

That may be true, but even Walmart encourages associates to invest part of their paychecks in its matched stock programs, which many will pay $25 to sell off for "extra spending money" during the holidays.

That's obviously not producing dividends enough to live off of or to reinvest, which is the test here. How many people in the middle class own stock at that level?

I didn't think middle class people worked at Walmart.

Nevertheless, many corporations offer employees company stock at a discount (these aren't the same as stock options). Those are usually well worth taking advantage of. But still, many choose not to, and that is their choice. They aren't being excluded from stock investing.