Despite a recovering economy, mass affluent investors believe the recession isn’t quite over.

According to a survey released Wednesday by Spectrem Group, cash will remain the top investment choice for mass affluent investors over the next 12 months.

Forty percent of investors with between $100,000 and $1 million in net worth said they are likely to invest in cash over the next 12 months, considerably more than the 23% likely to purchase equities or the 17% likely to buy fixed income products. Other choices include international investments (12%) and investment real estate (6%).

A full 40% of mass affluent investors, which represent more than 26 million U.S. households, say “Although the economy has been recovering for some time now, the nation’s mass affluent have not shaken off their recession-driven caution when it comes to investment decisions,” said George H. Walper Jr., Spectrem Group’s president, “Rather than return to equities or even bonds, this large and important group favors cash over the next 12 months, reflecting real concerns about having enough savings to last through retirement and the ability protect their principal from further risk.”

Fifty-five percent of mass affluent households believe it is more important to protect principal than to grow investments.

Spectrem’s survey, which was conducted in September, is based on a survey of the financial decision-makers in 1,511 households.